China-based venture capital firm Meridian Capital China has set a RMB2bn ($305m) target for its fifth fund, which includes broadcaster Shanghai United Media Group as an anchor investor, China Money Network reported yesterday.
Oriza Holdings, the venture capital arm of Suzhou Industrial Park, is also an anchor investor in the fund, as is Gopher Asset Management, a subsidiary of wealth management firm Noah Holdings, according to local media reports.
Founded in 2008, Meridian Capital focuses on technology, media and telecommunications (TMT) investments. The latest fund, which will be RMB-denominated, will seek out new media and IT companies and will also look to back mergers and industry consolidation deals.
The firm previously raised $183m for a fund with the same anchor investors in 2014. Its portfolio companies include online news platform Jiemian, crowdfunding platform Kaistart and human resources software provider Joyowo.