Beijing-based Chinese venture capital firm Shunwei Capital Partners has raised US$525 million in two new venture funds, above its original target of US$500 million, according to a person with direct knowledge of the matter.
Founded in 2011 by Chinese smartphone maker Xiaomi Corporation’s founder Lei Jun and veteran investment manager Tuck Lye Koh, Shunwei is a China-focused venture capital firm primarily focused on early to mid-stage start-ups in China’s Internet and technology industry.
The firm currently manages one fund with over US$225 million from international institutional investors including sovereign wealth funds, family offices, fund-of-funds and university endowments before the latest closing, according to its website.
Lei Jun is founding partner and chairman of Shunwei. He founded Xiaomi in 2010 and is currently its chairman and CEO. He is also the former chairman and co-founder of Kingsoft Corporation, which went public in 2007, and founder of Joyo.com, which was sold to U.S. e-commerce firm Amazon in 2004.
Tuck Lye Koh is founding partner and CEO of Shunwei. Prior to co-founding Shunwei, he held various positions at C.V. Starr Investment Advisors (Asia) Ltd., Singapore’s GIC Special Investments, as well as AIG Global Investment Corp (Asia) Ltd.