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Classified in: Business, Covid-19 virus
Subjects: FNC, ASI

China Creation Ventures (CCV) Closes USD Fund II at Hard Cap Over $300 Million

BEIJING, Oct. 14, 2020 /PRNewswire/ -- On Sep 30th, 2020, China Creation Ventures (CCV) announced the final closing of its second USD fund, achieving its hard cap over $300 million. The fund will continue to focus on early to expansion stage investments in China, including cutting-edge technologies, AI, digital healthcare, new enterprise digitization, and new generations.

In addition to the support of existing LPs of the USD Fund I, the new fund of CCV was raised from institutional investors including top endowment funds, pension funds, FoFs, insurance funds, family offices, and other institutional investors from North America, Europe, and pan-Asian regions.

This is the third fund of CCV, since its establishment in 2017. From now on, the AUM of CCV has exceeded the historical AUM of US$700 million of KPCB China, which the team had led for over ten years.

In just three years, CCV has seen the IPO exits of multiple early-stage deals like Wanka Online (HKSE.01762) and Quecheng Siliconization. Many other portfolios, including JD Digits, Ice Kredit, Himalaya, Shukun Technology, and Perfect Corp. are also growing rapidly, becoming the leading companies in Fintech, digital healthcare, enterprise digitization, and AI.

Zhou Wei, the founding managing partner of CCV, said: "The fundraising is very special this year. During the Spring Festival when COVID-19 was serious in China, I flew to the US for the roadshow, then returned to China just before the overseas epidemic broke out in mid-March. The first closing of our second fund was completed in only two months. This not only shows LPs' trust in us but also proves that overseas LPs are optimistic about China in the long term." 

"Overseas investors showed efficiency beyond our expectations. With a lot of remote work, they supported us to complete the fundraising within the original schedule. Some new LP introduced by our existing LPs even committed investments with only video conferences throughout the entire process. Thanks to all LPs for their strong support. We will continue to explore and accompany the best of Chinese entrepreneurs, creating great companies together," Zhou said.

CCV was founded by Zhou Wei, the former KPCB China Managing Partner, together with the TMT investment team led by him. From 2007 to 2017, the team presented great performance of finding a unicorn every year on average, from JD.com (NASDAQ: JD), CreditEase (NYSE: YRD), Rong360 (NYSE: JT), Tantan (acquired by NASDAQ: MOMO), and other well-known companies, including Miaozhen system, the predecessor of the Mininglamp Technology Group, and Venustech (SZSE. 002439), the earliest domestic listed network security company.

Hope Xu


SOURCE China Creation Ventures CCV

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