Samreen Ahmad · · 1 min readChina-focused VC raises $700m in final close of 2 funds
INCE Capital, a China-focused venture capital firm, has announced the final closing of two of its US dollar-denominated funds – INCE Capital Partners II and INCE Opportunity Fund – with US$700 million in commitments.
Photo credit: iakov / 123RF
Global institutional investors, including Duke University and Carnegie Mellon University, contributed to the commitments for both funds.
The company raised US$478 million for its INCE Capital Partners II fund, exceeding the initial target. With the closing of both funds, INCE Capital now has more than US$1 billion in commitments under management across all of the funds it manages.
The development comes amid a continuing crackdown on tech companies by Chinese authorities.
Since its establishment in July 2019, INCE has invested in 24 companies such as ecommerce firm Black Unique, pet startup Petkit, and baby food brand Qiutianmanman. The VC firm said it will continue to focus on early- to expansion-stage investments in the technology, internet, and consumer sectors.
Other investors in the funds include:
- University of Pittsburgh
- Kaiser Permanente
- Dietrich Foundation
- Commonfund
- Unicorn Capital
- Axiom Asia
- Siguler Guff
See also: China’s link-blocking ban: panacea or Pandora’s box?
Editing by Collin Furtado and Lorenzo Kyle Subido
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