SAIF Partners has co-founded China Telescope Investments with Du Yucun, former CEO of Tianjin Home World Group, a Chinese supermarket chain operator, according to Chinese media reports.
At the same time, China Telescope Investments’ first China retail growth fund has reached a preliminary closing of RMB300 million ($49 million).
The fund will focus on the development of local retail, consumer products and services sectors. It will aim to invest in companies in the early and growth stages.
Based in Beijing, China Telescope Investments have five investment professionals.
SAIF Partners was founded in 2001 and currently manages over US$3.5 billion in capital.