China's Vision Knight to raise $550m

Led by former Alibaba.com CEO David Wei, the firm is raising two new vehicles.

Shanghai-based Vision Knight Capital is raising a total of $550 million across two funds, according to US Securities and Exchange Commission documents.

In a filing earlier this month, the firm declared it was raising its second fund, Vision Knight Capital (China) Fund II, targeting $500 million.

A parallel fund, Vision Knight Capital (China) Entrepreneur Fund II, will target $50 million, according to the most recent filing.

Vision Knight's debut fund closed on $250 million in August 2012, according to Private Equity International’s Research & Analytics division.

The firm has made ten investments. It’s latest was a $25 million co-investment in November 2013 with Softbank China Venture Capital in China-based travel B2B platform Ba Zhua Yu Online.

Vision Knight is a venture and growth capital investment fund based in Shanghai. It was founded by David Wei, the former the CEO of Alibaba.com and Daming Zhu, formerly a partner at DT Capital Partners. It focuses on investments in China’s retail/consumer, internet and e-commerce sectors.