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China-based Panlin Capital has closed its twelfth main fund. Called the Chengdu Panlin Xiangxu Fund, its limited partners include Chengdu Productivity Promotion Center, Chengdu Science Service Group, CICC Genesis, Luzhou Laojiao, and Eurocrane.
The firm did not disclose the fund’s size. Tech in Asia has reached out to Panlin Capital for additional comment.
Headquartered in Shanghai, Panlin Capital was founded in 2010 by Li Yuhui, Tan Huidong, and Yuheng Liu. Li has been in the Forbes China Top 100 Venture Capitalists for the last six years, according to its website.
The Chengdu Panlin Xiangxu Fund aims to invest in “To B” companies – which comprise of software, intelligent equipment, industrial aggregation platforms – as well as “hard technology” companies, which aim to upgrade and transform China’s industrial efforts. The fund has already invested in startups such as Chipanalog, Ruiyun Cold Chain, and O-cubes.
Aside from that, Panlin Capital also invests in healthcare companies, specifically in the biotechnology and AI spaces. Healthcare was the focus of Panlin’s last flagship private equity fund, whose first close in 2021 hit 1 billion yuan (US$140 million).
See also: VC funds tracker: Vertex bags $900m in first close of new fund
Currency converted from Chinese yuan to US dollar: US$1 = 7.14 yuan.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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