Jack Ma’s investment firm, Yunfeng Capital, is reportedly raising $3B for a new fund. Yungfeng is one of at least four new China-focused funds that have raised over $1B this fall.
- The initiative indicates the degree to which foreign capital is still flowing into China, and how it has been concentrating on fewer and larger funds.
- Still, China-based or China-focused PE and VC funds have only raised $15.9B so far this year in foreign currencies, compared to $28.6B last year.
- The dip in foreign-currency funds is in no small part due to the difficulties created by the pandemic, which halted international travel.
- Yungeng owns a substantial stake in Alibaba, the parent company of Ant Group, which saw its $37B IPO held up recently by the China Communist Party.
- Dig Deeper: Check out this article detailing the road to Beijing’s decision to hold up Ant’s IPO, and why Jack Ma did not know how serious the antagonism had become.