Oceanpine Capital has raised $200 million for its debut fund. The target is $400 million. The limited partners include China Century Group as well as technology entrepreneurs, asset management allocators and family offices.
BEIJING, May 20, 2020 /PRNewswire/ — This is the first time Oceanpine has sought funding from external LPs since its inception in 2016. That year, the firm set up its $400 million debut fund using internal capital. Founder Dave Chenn, who previously established a multi-billion-dollar conglomerate company – China Century Group in 2005, has participated as an LP in 15 technology-focused venture capital and private equity funds, and has co-invested in a number of highly successful deals.
The first closing LPs included prominent technology entrepreneurs, asset management allocators, family offices, and seasoned Midas List venture capitalists.
Oceanpine has invested $500 million across more than 20 companies in both China and the US. Among them are AI computing-power specialist Enflame Technology, Ansun Biopharma, Horizon Robotics, Black Sesame, and US graphical database platform TigerGraph. Fund I has been fully invested and has secured two full exits and two IPO with 45% DPI. Three more companies will file for IPO in the next twelve months.
Oceanpine is conservatively, yet quite confidently, targeting an IRR of more than 30% for Fund II, which will follow DeepTech-focused remit of its predecessor. About $100 million has already been deployed across six deals, including a Series B for Enflame, drug developer Apexigen, Enterprise Software provider XforcePlus, chip software supplier ARM China and a top semiconductor company in China. Three companies are expected to go public next year.
About Oceanpine Capital
With offices in Beijing, Hong Kong and Silicon Valley, Oceanpine Capital was formed in 2016 to invest in category-defining market leaders in Semiconductor, AI, 5G, IoT, big data, enterprise software, as well as Biotech companies. Our sweet spots are early to late growth companies that distinguish themselves with applied disruptive technologies and proven innovative business model that address mass market demand. We focus on companies with strong customer traction and / or in the early revenue stage.
Oceanpine’s seasoned and indigenous investment team, combined with in-depth industrial knowledge, network, and business relationships with top business enterprises in China and U.S., enable us to have significant advantage in deal creation, valuation negotiation, and bringing in customers and real business results to companies. Team’s capital market insights and experience is another critical aspect of Oceanpine’s competitive advantage. As a result, Oceanpine is able to deliver tremendous value to the portfolio companies and grow together.