Meridian Capital China Launches $305M RMB Fund

Meridian Capital China, a Chinese venture capital firm focused on the TMT (Technology, Media, and Telecommunications) sectors, has launched its fifth RMB fund with a target to raise RMB2 billion (US$305 million), according to Chinese media reports.

Shanghai United Media Group, Oriza Holdings and Gopher Asset Management, the private equity arm of NASDAQ-listed Noah holdings, are anchor investors in the fund.

The investment vehicle will focus on making early stage investments in the new media, information technologies sectors, as well as seeking opportunities in industry consolidation and merger deals.

Meridian Capital China raised an earlier fund, with the same anchor investors, in 2014 with RMB1.2 billion (US$183 million) in committed capital.

That fund invested in Chinese new media group Jiemian, SK Electric Vehicles and crowdfunding site Kaistart.

Founded in 2008 by former IDG Capital Partners investment director Xiong Xiangdong, Meridian Capital China runs RMB-denominated funds and targets investments in the entertainment, consumer upgrade, corporate services, and new technologies sectors in China.