China-based venture capital firm AlphaX Partners has closed its first fund at RMB2bn ($313m) with backing from corporates CreditEase, Focus Media and Qihoo 360, China Money Network reported today.
In addition to online lending platform CreditEase, outdoor advertising firm Focus Media and cybersecurity software producer Qihoo 360, venture capital and startup services provider Zero2IPO Group and government guidance fund CICC are also among the fund’s limited partners.
The fund is dual dollar and renminbi-denominated, and its LPs also include undisclosed institutional investors from Europe and the US as well as Chinese entrepreneurs.
Founded in 2016, AlphaX targets domestically-based, high-growth companies developing technologies in the online, consumer, enterprise software, artificial intelligence, sports and culture sectors.
AlphaX’s portfolio companies so far include tutoring services provider Gaosi Education , internet security software producer NetentSec, live game streaming platform Chushou Live and PMCaff, the operator of a community for product managers.