SAIC Capital, the corporate investment vehicle for China-based carmaker SAIC Motor, has raised RMB1bn ($145m) for a private equity fund following limited partner commitments from investors including automotive components producer Shinry Technologies.
The fund is overseen by SAIC Capital’s private equity arm, Shang Qi Capital, and its investors include SAIC Capital itself and Shanghai Diesel Engine, state-owned SAIC Motor’s engine manufacturing subsidiary, as well as financial services firm Bank of Communications International Trust and venture capital firm Shanghai STVC Group.
Founded in 2012, Shang Qi Capital invests in automotive-focused companies, with a focus on new energy technologies, high-end manufacturing and the internet of vehicles. It also contributes to fund managers and publicly-listed companies, and makes private equity investments.
The firm said in statement it will target companies developing artificial intelligence and 5G technologies, as well as trends in the electric vehicles and intelligent vehicles sectors.
Shang Qi Capital has more than $1.1bn in assets under management and has backed more than 60 companies to date, including battery manufacturer CATL, automotive parts supplier Shanghai Baolong and integrated circuits developer Amlogic, all of which have gone public.