We are pleased to announce the successful final closing of Vertex Ventures China V L.P. (the ‘Fund’) at USD 390 million. The Fund surpassed its predecessor fund size by over 40%, which takes Vertex Ventures China’s total assets under management to over USD 2.5 billion.
Despite a challenging fundraising environment and an acute US-Sino relationship, the Fund gained strong support from a diversified group of both new and existing institutional investors across the globe, including Europe, Southeast Asia and North Asia. Fund V investors include a mix of asset managers, sovereign wealth funds, university endowments, insurance companies, fund of funds and family offices.
As one of the earliest investors within the Deep Tech space in China, Vertex Ventures China possess a decade-long track record in sub-sectors that are well in-line with the country’s current policy direction, specifically in Artificial Intelligence & Robotics, Enterprise Services and Cleantech, along with minority allocations to Health Tech and Consumer Tech, to take advantage of the favorable demographics and enormous domestic market. The Firm has also demonstrated strong credentials in exiting investments across different avenues, providing investors comfort especially in the current equity capital market environment.
Tay Choon Chong, Managing Partner of VVC, said “we are very excited to achieve our fundraising objectives for Fund V and equally excited about the pipeline we’ve identified despite the market ups and downs. We’re really appreciative of both our existing and new LPs and look forward to continuing to deliver strong returns for them”.
Ricardo Felix, Partner and head of APAC at Asante Capital, added “this is one of the toughest cycles to fundraise for China since the VC industry started in the country a few decades ago. We have a limited universe of investors which must filter opportunities more than ever, resulting in the need for adequately adapting fundraising models. This approach coupled with working with best-in-class GPs is a good recipe for achieving capital raising goals in the current environment. We’re thrilled to be part of VVC’s success”.
Vertex Ventures China was founded in 2008, and currently operates as an independent and partner-owned platform. The Firm continues to benefit from best-practice knowledge sharing and collaboration with the Vertex network of VC funds across US, Israel, and Southeast Asia.
Asante Capital Group acted as the exclusive global fundraising adviser. Kirkland & Ellis acted as legal counsel.
About Vertex China
Vertex Ventures China, founded in 2008, has offices in Beijing, Shanghai and Shenzhen. It is currently managing both USD and RMB funds, with assets under management of over USD 2.5 billion. The Firm invests in high-growth innovative start-ups in mainland China, with a focus in Deep Tech with minority allocations to Health Tech and Consumer Tech. The Firm is currently led by 6 Partners with strong technology and industry backgrounds.
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