PE/VC funds get more capital amid stock rout
Print Edition
China-focused venture capital and private equity funds raised more capital last month despite a meltdown in the stock market, an industry report showed.
Ninety-two VC/PE funds raised an aggregated US$8 billion in June, up 68 percent from a month earlier and a 90 percent surge year on year, Beijing-based Zero2IPO Research said in a report yesterday.
Of the funds, 91 were yuan-denominated funds which raised US$7 billion, or 87.5 percent of the total, while the sole foreign currency-denominated fund took the balance, data showed.
Growth funds raised the most, US$4.2 billion, representing 52 percent of the total, followed by infrastructure funds that raked in US$2 billion and real estate funds US$1 billion, according to the report.
Last month, there were 101 newly established PE/VC funds, a 130 percent surge month on month, data showed. They raised an average of US$916 million, up 74 percent from an average of US$525 million in April.
Most of the new funds plan to invest in the Internet, biotechnology and health care, clean technology, machinery manufacturing and cultural industries, said the report.
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