Longwater Advanced Materials Fund, a venture capital fund formed by China-based equity fund manager Longwater Investment, has received funding from investors including BASF Venture Capital, chemicals producer BASF’s corporate venturing unit.
Other limited partners (LPs) in the fund include supply chain services provider Xiamen C&D, financial services firm China International Capital Corporation (CICC)’s fund of funds, CICC Genesis Fund, and Redbud Capital, a unit of Tsinghua University’s investment firm, Tsinghua Holdings.
BASF Venture Capital runs a €225m ($250m) evergreen fund that invests in advanced materials and chemical technology-related companies. Longwater Investment backs businesses in the same domain, and received an LP commitment from Solvay Ventures, the strategic investment arm of chemicals producer Solvay, last month.
Markus Solibieda, managing director of BASF Venture Capital, said: “This investment underlines our commitment to further expanding BASF’s innovation capabilities in China.”
Xuesong Shi, managing director of Longwater, added: “BASF Venture Capital…has extensive access to and insights into various related segments and shares a common philosophy and vision with Longwater Investment as regards smart energy, sustainability, chemical-industry digitisation and much more.”
