Phoenix Media Fund, a fund which invests growth capital into media and culture companies in China, has reportedly raised a private equity fund of $300m.
Phoenix’s co-general partner is Hong Kong-listed broadcaster Phoenix TV, which is backed by US-listed media group News Corporation, according to news provider VentureWire, which reported the fundraising. Others involved in the fund include several former executives from Hao Kai, a spin off from Hao Capital, a China-based private equity firm. The fund will commit between $20m to $30m per deal, mainly targeting companies that are mid to late stage which have some existing revenue.
Peter Schloss, who has previously worked at STAR TV and Chinese wireless value-added services company TOM online is senior partner.
Several other media funds have also been launched in China this year, including the creation of a $800m private equity fund by Chinese television production firm Sun Media Group and Harvest Fund Management to invest in local movies.