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Gobi Reaches First Close Of Its Asean Growth Fund At $50M

Gobi Partners, a Chinese venture capital firm focused on information technology, telecom, media and technology (TMT) and digital media industries, has reached the first close of its new Asean-focused fund at US$50 million. Malaysia Venture Capital Management Bhd (Mavcap), Korean home shopping company GS Shop, and Indonesian investment firm CKM have also invested in the fund, according to a company announcement. “This fund is the biggest growth stage fund to come out of Malaysia at this point, and it is also one of the biggest in Asean," said Mavcap CEO and Gobi senior adviser Jamaludin Bujang. "Mavcap is more than optimistic about the benefits to be gained by being a part of this fund.” The new fund, named Meranti Asean Growth Fund, will seek investment opportunities in the fields of cloud services, e-commerce, financial technology and Muslim-focused tech firms. It will invest in over 15 start-ups in series B and C rounds, with a targeted size of US$5 million to US$20 million. The fund was launched last December with a target of US$200 million. It unveiled its first investment yesterday in Sale Stock, a leading Indonesian fashion e-commerce platform, by co-leading a US$27 million series B+ round. Founded in 2002, …

Banyan Capital Raises $725M Across Two New Funds

China-focused venture capital firm Banyan Capital has raised over RMB5 billion (US$725 million) across two new funds, bringing the three-year-old firm's total assets-under-management to around RMB11 billion (US$1.6 billion). The two new funds, including Banyan's third U.S. dollar fund with US$350 million in assets and one RMB-denominated growth fund, will continue firm's strategy of investing in early and growth-stage projects in the artificial intelligence, Internet, enterprise services, consumer upgrade and entertainment sectors. The firm also raised a US$50 million side fund with capital from its own management team and entrepreneur friends. Founded by three former IDG Capital executives, Zhang Zhen, Gao Xiang and Yue Bin, Banyan Capital said in an announcement today that the U.S. dollar fund completed fundraising in just over one month from limited partners, including university endowments, family offices and pension funds in the U.S. and globally. It's RMB fund secured commitments from Chinese Internet companies, state-owned enterprises, and financial institutions in China. Founders of several Chinese Internet giants, including Tencent, Baidu, Xiaomi, JD.com and Meituan-Dianping have also committed to Banyan's funds. Banyan Capital has invested in various start-ups, such as maternal and infant product e-commerce platform Beibei.com, third-party social media-based e-commerce firm Pinduoduo, crowd-sourcing express service …

Meituan-Dianping Launches $440M Consumer Industry Fund

China's largest on-demand local services provider Meituan-Dianping has launched a RMB3 billion (US$440 million) industry fund to invest in the greater consumer field, as investors and companies in China race to capitalize on increasingly discerning consumers, according to a company announcement.

Legend Capital Secures $243M For Seventh Venture Fund

Legend Capital, the venture and growth capital arm of China's Legend Holdings Corporation, has secured US$243 million for its seventh venture capital fund, according to a securities filing. LC Fund VII, L.P. is aiming to raise US$374 million in total, and is still in the process of raising the remaining US$132 million. The vehicle last filed with the U.S. Securities and Exchange Commission in February 2016 as it began the fundraising process. Founded in 2001, Legend currently manages RMB30 billion (US$4.37 billion) across numerous U.S. dollar and RMB vehicles. It focuses on innovation and growth enterprises with operations in China or related to the Chinese market. By 2016, Legend has invested in over 300 companies, of which 50 have been successfully listed on domestic or overseas stock exchanges with around 40 companies exited through strategic sales. Some of its recent investments include co-leading a US$100 million funding round in AtourHotel, a Chinese boutique hotel and service apartment operator, and backing Chinese cross-border seafood B2B e-commerce start-up Gfresh at the end of 2016. Some recent exits including Shandong Linglong Tyre Co., Ltd., which was listed on the Shanghai Stock Exchange in July 2016. Shanghai-based P2P (peer-to-peer) lending firm Ppdai.com, backed by …