China-based venture capital firm BA Capital has closed a second yuan-denominated fund at RMB1bn ($147m) with the help of unnamed internet and consumer products firms, DealStreetAsia reported on Thursday.
Also on the LP list are unnamed fund-of-funds which provided around 60% of the overall corpus.
BA Capital exclusively focuses on dealmaking in the consumer products and media sectors, having backed a total of 15 brands since making its debut in 2016.
DealStreetAsia said the move came weeks after BA Capital had raised a $100m dollar-dominated fund earlier in September 2020. Details of this earlier vehicle could not be confirmed.
BA Capital’s portfolio encompasses bubble tea bar chain Heytea, yoga products supplier Simple Love and beverage company Yuan Qi Sen Lin.
The firm was recently unveiled as a participant in the series E round for cross-border retail marketplace KK Group, which is also backed by a subdivision of e-commerce group Alibaba.