China-based private equity firm V Fund has held a first close of its latest renminbi-denominated fund with commitments from a number of unnamed corporates, DealStreetAsia has reported.
The firm’s assets under management now stand at $1.5bn following the first close. The latest fund’s limited partners include undisclosed conglomerates, publicly-listed companies, investment firms and government-backed funds.
Founded in 2014, V Fund typically invests across a range of industrial technology and manufacturing sectors. The new vehicle is set to deploy capital across the automotive, intelligent manufacturing, semiconductor and corporate services sectors.
V Fund has invested approximately $616m in more than 50 companies including artificial intelligence chipmaker Horizon Robotics and lithium-ion battery developer Farasis Energy.
China-headquartered system-on-chip product manufacturer Nanjing SemiDrive Technology, which is also backed by electronics producer Lenovo, raised $150m in a series B round co-led by V Fund last month.