Shang Qi Capital raises $145.1m

The Shanghai-based venture capital firm held a final close on its second fund.

Shang Qi Capital, the private equity arm of SAIC Capital, has held a final close on its Yangzhou Shang Qi Automobile Industry Fund at 1 billion yuan ($145.1 million; €130.3 million).

The vehicle will focus on the automobile manufacturing chain in China.

Investors in the fund include corporates, state-backed trust firms and government-guided funds in China.