GenBridge closes debut fund on $500m hard-cap

The JD.com spin-out received capital commitments from GIC, Asia Alternatives and the International Finance Corporation.

GenBridge Capital, a China consumer-focused mid-market firm, has hit the $500 million hard-cap on its debut fund, after seven months of fundraising.

The Beijing-based firm officially launched GenBridge Capital Fund I around March this year. It is believed to have generated investor demand in excess of the fund’s original target of between $400 million and $500 million, but a decision was made to close the fund at its hard cap, a source with knowledge of the matter told Private Equity International. 

Limited partners who have backed the fund include GIC, Asia Alternatives and the International Finance Corporation, as well as a diversified group of investors from North America, Europe and Asia.

GenBridge’s maiden fund will target “new generation” consumer opportunities in China or companies operating in consumer-related sectors such as consumer goods distribution, retail and internet technology development.

The firm has made one investment via the vehicle in a fresh food retailer Qiandama, PEI understands. The size of the investment was not disclosed.

Former members of the mergers and acquisitions division of e-commerce company JD.com founded GenBridge.

Eaton Partners served as exclusive placement firm on the fundraise.