Fosun RZ Capital, the venture capital affiliate of diversified China-based conglomerate Fosun, has raised RMB1.3bn ($186m) for the first close of its latest fund, DealStreetAsia reported today, citing PEdaily.
The vehicle, described by DealStreetAsia as a ‘sci-tech innovation fund’, has a RMB2bn target for its close and has secured undisclosed companies and government-led funds as limited partners.
Founded in 2013, Fosun RZ maintains offices in the United States, India, Israel and Singapore as well as in its home country of China and has more than $1.4bn of funds under management.
The firm invests from seed to late stage, in sectors including mobile internet, culture and entertainment, and financial, education, retail and automotive technology, in addition to cutting edge technologies like artificial intelligence or big data.
Fosun RZ’s latest fund is the first to take outside investments, according to DealStreetAsia, and it will concentrate on portfolio companies in Guangzhou or other cities in China’s Greater Bay Area, which would theoretically include Shenzhen, Zhongshan, Jiangmen, Hong Kong and Macau.
The firm’s existing portfolio companies include bespoke fashion provider Qingdao Kutesmart, which filed to go public last month; automotive services platform CassTime, which just raised $50m in series C2 funding; and motion sensor developer Orbbec, which secured $200m in its last round.
