Cowin Capital closes fifth fund on $386m

The Chinese venture capital firm has closed its fifth fund on RMB2.5bn, only months after its predecessor closed on RMB1bn.

Cowin Capital, a China-focused venture capital firm, has closed its South Sea Growth Fund V on RMB2.5billion (€264.2 million; $385.9 million), a spokeswoman for the firm confirmed to PE Asia.

The fund will focus on investments in the sectors of consumption goods, department store chain, biomedicine, new energy and new materials.

The fund close came just nine months after South Sea Growth Fund IV closed on RMB1 billion in September last year. A source close to the firm told PE Asia at the time that the fund had most of its limited partners from outside Shenzhen, where Cowin is headquartered.

It is unclear how much of the fourth fund has been deployed as the spokeswoman declined to elaborate further.

Established in 2000, Cowin garnered RMB250 million for South Sea Growth I in 2007 and RMB117 million for South Sea Growth II in 2008, while the third vehicle closed on RMB500 million in 2009.

Led by Alex Zheng, who previously worked at Shenzhen Stock Exchange and a number of law firms, Cowin currently has assets under management of approximately RMB7.5 billion. Up until now, the firm has 18 of its portfolio companies listed.