Taiwan-headquartered CID Group has closed its third fund, CID Greater China Venture Capital Fund III, on $430 million. The fund was initially targeting commitments of $300 million, the firm told sister news site PEI Asia.
The firm saw more than 80 percent of existing limited partners return in this fundraising effort, according to Zero2IPO News, and drew new investors including financial institutions, endowments, foundations and corporations from the US, Europe, Japan and the Middle East.
It closed CID Greater China Venture Capital Fund II on $225 million in 2007. CID makes venture capital, management buyout, turnaround, recapitalisation and growth equity investments. Thus far, the second fund has invested in 25 companies, the firm said.
Established in 1998, CID Group now manages assets of about $1 billion and has invested in more than 100 companies since inception.