AAA Kingsoft kicks into $154m Shunwei Capital fund

Kingsoft kicks into $154m Shunwei Capital fund

Shenzhen Shunying Private Equity Investment, a sub-fund of China-based venture capital firm Shunwei Capital, is looking to raise RMB1bn ($154m) for a new fund from investors including software producer Kingsoft, DealStreetAsia reported yesterday.

Kingsoft has agreed to make a $77m capital commitment and will own a 50% stake in the vehicle, according to a stock exchange filing.

Jiaxing Shunchuang Investment, possibly an affiliate of adhesive product maker Jiaxing Shunchuang, has agreed to pay $76m for a 49.9% stake, and Shunwei Capital’s affiliate Tianjin Shuncheng Investment Management will provide the remaining funds.

Tianjin Shuncheng will be general partner for the fund, which will invest in internet companies and cutting-edge technology startups. Shunying has also launched a separate $463m fund focused on early and growth-stage companies.

Shunwei Capital was established in 2011 by Lei Jun, founder of electronics producer Xiaomi. It also has two other sub-funds: Guangzhou Chufeng Investment and Tianjin Haike Shunke Investment.