CITIC venture arm closes debut fund on $113m

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China flagThe venture capital arm of Chinese private equity giant CITIC Capital has held a $113m final close for its latest fund.

Investors including Temasek subsidiary Vertex Asia Growth and Enspire Capital both committed to the vehicle as anchor investors ahead of its $60m first close in February.

CITIC Capital Venture Partners targets high-growth SMEs with a focus on “vibrant” sub-sectors of industries such as clean technology, consumer and IT and newly emerging industries.

Jeffrey Zeng, CITIC Capital’s senior managing director and CCVP managing partner, said “I am delighted with the final closing of the fund and the strong confidence of our investors in our team and focused strategies.

“China’s unique mix of increasing domestic demand, favorable demographics, and the potential of huge efficiency gains across various industries should continue to provide interesting opportunities for investors with strong value propositions and solid investment theses.

“The market environment has been challenging, but I am confident that we are well positioned to continue our success.”

Since founding the fund CCVP has expanded the team to four partners and eight investment professionals, with experience in sectors across capital investments, semiconductors, patent technology, finance and resources management, software and engineering.

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