Supply chain-focused Chinese VC Buhuo Ventures closes master fund at $243m
Fund
May 18, 2021
Buhuo Ventures, a Beijing-based venture capital firm specialising in early- and growth-stage startups, announced on Tuesday that it has secured the final close of a new master fund at 1.565 billion yuan ($243 million).
The master fund comprises an 818 million yuan ($127 million) RMB-denominated fund Buhuo’s second and a $115 million maiden USD fund.
In the statement, Buhuo said the capital commitments for the RMB fund came from leading Chinese financial groups, investment firms, govt-led industry funds, funds of funds (FOF), and family offices, among others. The debut dollar fund attracted limited partners (LPs) from the US besides Asia’s marquee dollar-led FOFs and family offices.
Beijing-based VC Buhuo Ventures raises first USD fund via yuan-to-dollar restructuring
Source: Eric Prouzet/Unsplash.
May 4, 2021
Beijing-based investment firm Buhuo Ventures has completed a yuan-to-dollar fund restructuring to raise its maiden US dollar venture capital (VC) fund at over $100 million.
As part of the process to create the US dollar fund, Buhuo transferred partial stakes in four assets from its initial yuan fund Buhuo Ventures RMB Fund I, a 500-million-yuan, 2017-vintage vehicle, and an associated special purpose vehicle (SPV) into Buhuo Venture USD Fund I, the firm announced in a WeChat post on April 29.
The assets include Chinese engineering equipment rental platform Zhongneng United; Guoquan, a supermarket chain that offers hotpot and barbecue ingredients; and New Carzone, a business-to-business-to-consumer (B2B2C) auto aftermarket platform backed by e-commerce giant Alibaba, among others.
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