China’s NDRC invests $7.9m in Gobi’s Yingzhi RMB Fund


China’s National Development Reform Commission (NDRC) has brought Gobi Partners‘ second renminbi-dominated venture fund to $55m through its latest investment.

The state investor injected about $7.9m into the Yingzhi RMB Fund, which is aimed at early-stage digital media and technology companies in China.

NDRC has been searching for opportunities to invest in government-backed venture funds targeting high-tech sectors according to a report in the Asian Venture Capital Journal.

It said Gobi launched the fund in March last year and reached a $47m close in January.

Shanghai-headquartered Gobi manages four funds with more than $300m of assets, and has funded dozens of early stage companies in the region.

In March it netted a 60 per cent IRR by selling online games company CIB Development alongside angel investors in a deal which valued the company at $14m.

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