NIO Capital Closes Eve ONE Fund II at around USD 400 million

We are delighted to announce the close of NIO Capital Eve ONE Fund II L.P. (the “Fund”), an early-stage venture capital fund, focused on decarbonization and digitalisation megatrends transforming the new energy, mobility and logistics in China.

NIO Capital, a leading independent Chinese venture capital firm, established the Fund to continue the successful investment strategy of its predecessor vehicle. The team will focus on backing the next generation of innovative technologies and business models reshaping its target market, leveraging its unique access to Chinese innovation and in-depth market understanding with a flourishing ecosystem.

Acting as the exclusive global fundraising adviser, Asante Capital are thrilled to continue partnering with NIO Capital on raising its latest fund, having previously advised on the firm’s inaugural fund, NIO Capital Eve ONE Fund L.P., which held its final closing in 2019.

The latest Fund closed oversubscribed at USD 400 million, quickly surpassing its original target size and hard-cap, and notably achieving nearly double the capital commitments from the last fund. Despite various fundraising limitations and challenges arising from the Covid-19 pandemic, the Fund enjoyed strong support from a diversified group of existing and new institutional investors. Participating investors include a mix of sovereign wealth funds, insurance companies, multilateral financial institutions, funds of funds, family offices, pension funds and foundations from the United States, Europe, Middle East, China, South-East Asia and Africa. For a handful of our new investors, this Fund was the first foray and investment into a China-focused strategy.   

William Li, Managing Partner of NIO Capital, said, “Our mission is to sustain and advance humankind via investing in innovations. We are dedicated to fostering a sustainable future with like-minded investors and visionary entrepreneurs.”

Ian Zhu, Managing Partner of NIO Capital, said, “Over the past five years, NIO Capital has become an institutionalized investment firm with the ability to integrate industry resources with financial goals. We see exciting opportunities at the crossover of auto, technology, and energy sectors, and will continue to focus our investments on decarbonization and digitalisation.”

Notable investments by NIO Capital include the pioneering intelligent systems developer Momenta, leading L4 autonomous driving provider, LiDAR systems application maker Innovusion, the industry’s 1st L3 Mass-produced trucks developer Inceptio, digital energy infrastructure provider NewLink, and automotive aftermarket sector leader Tuhu. 

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Asante Capital Solutions – Q4 2022 Newsletter

Following a decade of robust and unprecedented growth in the Asia-Pacific private equity region, 2022 brought with it a combination of challenges, ranging from the lingering effects of the COVID pandemic, global economic downturn and general macro uncertainty, casting a dark cloud over the region’s private markets. The answer to what the market in 2023 will look like is multi-faceted: in this newsletter, we are putting a spotlight on the key trends we are seeing in the APAC region and assessing their impact on the fundraising landscape.