CITIC Capital Venture Partners, an arm of Hong Kong-headquartered CITIC Capital Holdings, has completed fundraising for its debut fund with a $113 million corpus. Anchor investors in the China focused fund include Vertex Asia Growth, a wholly-owned subsidiary of Singapore’s Temasek Holdings, and Enspire Capital. Launched last February, the fund in its final close falls short of its targeted $150 million corpus.
China-focused venture capital fundraising overall has seen a dip in the first quarter of 2013. Five funds raised $442 million in January-March 2013, down 39 percent in terms of value from the previous quarter, according to data released by Dow Jones VentureSource. Compared to the first quarter of 2012, fundraising had declined 65 percent.
CITIC Capital Venture Partners will invest in high growth small and medium enterprises in sectors such as cleantech, consumer, information technology and new emerging industries. It will also seek opportunities in enterprises that have sound business models and the capacity and potential to improve their operational efficiencies, the firm said in a press release earlier this week. “The market environment has been challenging but I am confident that we are well positioned to continue our success,” Jeffrey Zeng, senior managing director at CITIC Capital and managing partner at CITIC Capital Venture Partners said. The firm consists of four partners and eight investment professionals.
Founded in 2002, CITIC Capital Holdings managing over $4 billion in capital across asset classes such as private equity, real estate, structure investment and finance, and venture capital. It is owned by China’s sovereign wealth fund China Investment Corporation and Chinese business conglomerate CITIC Group Corporation.