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, includ...
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