China’s National Social Security Fund (NSSF) has agreed to commit RMB1.2 billion (€136 million; $177 million) to IDG Capital Partners’ Harmony Growth Fund, a spokeswoman for IDG confirmed to PEI Asia.
IDG declined to provide additional information on the fund. NSSF cannot be reached by press time.
The Harmony Growth Fund, which is reportedly targeting RMB3.5 billion, has received an RMB1 billion commitment from China Science and Merchants Capital Management, which is affiliated to the Chinese Academy of Sciences.
Since its entry into China’s market in 1992, IDG has invested more than 200 companies. The firm typically invests between $1 million and $100 million in the consumer products, franchise services, internet and wireless application, new media, education, healthcare, new energy, and advanced manufacturing sectors, according to its website.
In addition to the Harmony Growth Fund, NSSF has committed RMB2 billion each to funds managed by CDH Investments and Hony Capital, RMB1 billion to the Bohai Industry Investment Fund, an undisclosed amount to the CITIC Mianyang Private Equity Fund, and reportedly to funds managed by the Shenzhen Capital Group.