Chinese PE Firm ClearVue Partners Seeks $600M For Its Third Fund

ClearVue Partners, the Chinese private equity firm behind the country’s online-only insurance giant ZhongAn, is planning to raise US$600 million for its third fund, according to a document filed with the U.S. Securities and Exchange Commission on January 28.

The new fund, named "ClearVue Partners III, L.P.," will potentially invest in the Chinese consumer market — the "only" focus of ClearVue Partners as shown on its website. The investment vehicle was unveiled as the total retail sales of consumer goods in China reached RMB38.09 trillion (US$5.67 trillion) in 2018, up by 9.0% year-on-year, according to statistics released by the National Bureau of Statistics of China in January.

ClearVue Partners III will be the third fund under the management of ClearVue Partners. Its fist two were the US$362 million ClearVue Partners II, L.P. closed in April 2017, and the US$262 million oversubscribed ClearVue Partners, L.P. raised in February 2014.

Founded in April 2012 and headquartered in Shanghai, ClearVue Partners operates as a private equity firm that focuses on companies powered by data and technology in China’s consumer sector. According to its website, the company typically invests US$10 million to US$50 million of capital in companies at the expansion stage. It especially seeks investment opportunities in food and beverage, consumer lifestyle, consumer internet and mobile sub-sectors.

The company joined a US$578 million investment in Chinese second-hand car trading platform Souche.com in September 2018. In July 2018, it teamed up with Eight Roads Ventures to lead a US$102 million series A1 round of financing in autonomous driving firm Pony.ai.