China-based investment firm Richland Capital reached the third close of its corporate-backed, yuan-denominated venture capital fund, dubbed Richland Capital Fund III, at RMB700m ($109m) on Monday.
Founded in 2011, Richland Capital targets early to growth-stage developers of new materials and technologies related to semiconductors, 5G, artificial intelligence, laser industrial automation and electric vehicles. It has about $466m under management and has invested in some 40 companies.
Henkel Tech Ventures, a corporate venturing vehicle for consumer goods group Henkel’s Adhesive Technologies unit, disclosed its participation in the fund in August this year, four months after advanced materials manufacturer Saint-Gobain had committed capital.
Asahi Kasei Ventures, an investment subsidiary of chemicals and advanced materials producer Asahi Kasei, backed the vehicle in December 2020, following a first close four months earlier featuring chemicals producer Solvay, paint producer Nippon Paint and Tsinghua University, through respective subsidiaries Solvay Ventures, Nipsea and Redbud.
Chemicals providers BASF, Evonik Industries and Sabic were also identified as limited partners, as was industrial park operator Shanghai Xinjinshan Industrial Investment Development.
