Many general partners are raising funds to prepare for new investment in China, despite a huge decrease in the amount raised by private equity and venture capital firms.
China Renaissance said on Monday that it had completed fundraising for its third RMB fund at Rmb6.5 billion $942 million. China’s Social Security Fund, insurance funds and university funds are all included as limited partners.
On the same day, Joy Capital the backer of Luckin Coffee said that it had completed fundraising for its $700 million fund. Investors include sovereign wealth funds and family offices.
The fundraising is polarised. On the one hand, Chinese PE...