HONG KONG, March 18 Chinese private equity firm
Yunfeng Capital, co-founded by Alibaba Group Holding Ltd's Jack
Ma, is raising up to $1 billion in its second fund, a person
with knowledge of the matter told Reuters on Tuesday.
Yunfeng, established by high-profile Chinese entrepreneurs
in 2010, raised $1.5 billion in its debut fund in 2011, and has
targeted investment in technology, media and telecommunications
(TMT) related companies, as well as healthcare and consumer
Yunfeng's investments include Alibaba, Beijing Sogou
Technology Development Co Ltd and biotech firm Shenzhen BGI
Genemics Technology Co Ltd, according to Thomson Reuters data.
The latest fundraising comes at a time of growing
competition for deals in China's TMT sector, with the value of
announced mergers and acquisitions so far this year up 87
percent from a year earlier at $5.6 billion, according to
Thomson Reuters data.
Giant Interactive Group Inc, whose chairman Yu Zhu
Shi is a co-founder of Yunfeng, has already invested $20 million
in Yunfeng Fund II, L.P., according to a filing with the U.S.
Shanghai headquartered Yunfeng derives its name from the
Chinese first names of Jack Ma and its chairman David Yu, the
founder of display advertising company Target Media.
Other Yunfeng co-founders include Jason Jiang, chairman of
Focus Media Holding Ltd, and Yong Hao Liu, chairman of New Hope
Group Co Ltd, according to the firm's website.
Yunfeng declined to comment on the fundraising. The source
was not authorised to talk to the media.
Asian Venture Capital Journal, which first reported the
Yunfeng fundraising, said the fund had already held a first
close of $600 million.