BAI Capital has raised $700 million to support Chinese companies that are part of the country's structural reform as well as those expanding overseas.
Rumors that foreign capital for Chinese tech is drying up due to a slowing economy have been quelled by the announcement. $7 billion was invested in Chinese tech companies at all stages. $3.1 billion was raised by the company. IDG Capital banked almost a billion dollars.
One of the top venture players in China with a portfolio of over 200 tech companies is BAI Capital, which was founded in 2008 as an investment arm of German media moguls. Electric vehicle upstart Nio, Southeast Asia's popular livestreaming app Bigo, and China's shared bike pioneer Mobike are some of the investments it has made.
It is the first time that BAI Capital has brought in external limited partners, which include large insurance companies and funds of funds.
According to the announcement, the new fund will focus on helping Chinese companies from retail, fintech, content, media, as well as the red-hot areas of web3 and metaverse that are expanding globally. The offices will be in Singapore and Berlin.
The fund will look for domestic opportunities in deep technologies like renewable energy and software-driven industrial upgrade solutions.
Chinese businesses are at risk of getting snarled in rising tensions because of global expansion. In a statement, the founding partner of BAI Capital said this.
BAI Capital will continue to leverage Bertelsmann's enormous global network in media, education, and service, especially its deep influence in Europe, and join hands with more limited partners. We will do our best to serve entrepreneurs with global ambitions and help them achieve success amidst international competition and cooperation.
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