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VC and PE raise more funds in June
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China-focused venture capital and private equity funds raised more cash last month despite of a meltdown in the stock market, an industry report showed.
Ninety-two VC/PE funds raised an aggregated US$8 billion in June, a 68 percent rise from a month earlier and a 90 percent increase year on year, the Beijing-based Zero2IPO Research said in a report released today.
Among them, 91 were yuan-denominated funds which raised US$7 billion, or 87.5 percent of the total, while foreign currency-denominated funds took up the rest of the proceeds, data showed.
Growth funds raised the most of US$4.2 billion, or 52 percent of the total, followed by infrastructure funds that raked in US$2 billion and US$1 billion received by real-estate funds, according to the report.
The number of newly-established PE/VC funds totaled 101 last month, a 130 percent surge month on month, data showed. The averaged fundraising target was US$916 million, up 74 percent from an average of US$525 million in April.
The majority of the new funds are planning to invest in the Internet, biotechnology and healthcare, clean technology, machinery manufacturing and cultural industries, said the report.
China’s over-the-counter (OTC) equity market, a funding platform for non-listed small businesses, continued to be attractive to VC/PE funds as 43 of new funds are designated to invest in companies on the OTC market.
“The OTC market will become the main exit channel for PE/VC funds after China’s securities regulator halted initial public offerings,” Yang Mei, researcher with Zero2IPO wrote in the report.
Earlier this month, China’s securities regulator suspended approvals of IPOs as part of an effort to stop a meltdown in the stock market that slashed 30 percent from the Shanghai Composite Index in three weeks.
The upcoming supportive policies including allowing companies on the OTC market to be transferred to the ChiNext board will further fuelled investor enthusiasm in the off-exchange market, Yang added.
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