Cathay exceeds €250m target for debut venture fund

The Paris-headquartered firm gathered €287m from LPs including Bpifrance, CDB Capital and BNP Paribas Cardif.

Cathay Capital has held a final close on its debut venture fund, Cathay Innovation Fund on €287 million, surpassing its €250 million original target.

The firm’s latest offering was launched in 2015 and received significant interest from investors including cornerstone investors Bpifrance and CDB Capital, as well as BNP Paribas Cardif, Groupe ADP, Groupe Artemis, Groupe SEB, Joyoung, Michelin, Total, and Valeo, the firm said in a statement.

Capital raised from Cathay Innovation will be used to invest between $3 million and $15 million in digital entrepreneurs in China, North America and Europe.

The firm has already made 10 investments from the fund including in health management app for females Meet You, on-demand insights platform Quantifind, data company Trifacta and China’s largest social commerce platform Pinduduo.

Cathay Capital, with more than $1.5 billion in assets under management, specialises in cross-border investments. The firm is in market with Cathay Capital North American-Sino Fund which has a target of €350 million. It is also currently deploying its 2014-vintage, €500 Sino-European Mid-Cap Fund, which invests in telecommunications, media and technology, industrials and consumer goods companies, according to PEI data.