Aurora Private Equity, an investment firm founded by former executives from CDH Venture and Dalian Wanda Group, has completed raising RMB1 billion (US$157 million) to back public and private companies in China’s new economy, according to Chinese media reports.
The new investment vehicle, named Aurora New Economy M&A Fund, will focus on investing in the TMT (technology, media, telecom), Internet, cloud computing, Internet finance, and other new economy sectors.
China’s new economy is defined against the country’s old economies, which include manufacturing, industrial, and export-oriented sectors.
Limited partners in the fund include private and publicly listed Chinese enterprises, high net-worth individuals, and institutional investors.
Aurora Private Equity is co-founded by Yan Xiaoping, former senior partner at CDH Venture, and a formerly executive at Dalian Wanda Group.