Softbank China raises $315m

SBCVC III’s investors include Starling, Montagu Newhall, Princess and CalPERS.

Chinese venture firm Softbank China Venture Capital has raised $315 million for its SBCVC III fund, according to a 15 April Securities and Exchange Commission filing.

Softbank China did not reply to requests for comment.

SBCVC III’s limited partners include Dubai-based investment firm Starling, venture capital fund of funds manager Montagu Newhall Associates and listed fund of funds Princess Private Equity Holding. US pension fund California Public Employees’ Retirement System has also committed approximately $10 million to the fund.

In Nov 2008, Softbank China was reportedly set to begin fundraising for its first RMB-denominated private equity fund, initially targeting RMB2 billion ($292 million; €226 million). It was expected that city government-owned Shanghai Pudong Science and Technology Investment Company would be one of the major limited partners in this fund. It is unclear if this, in fact, is the fund that has been registered with the SEC as the firm had reportedly expected to conclude fundraising in early 2009.

Softbank China focuses on early and growth companies in sectors such as IT, healthcare, consumer, cleantech and retail. It is currently managing three venture funds with more than $500 million in committed capital, according to Montagu Newhall’s website.

The firm’s previous investments include Alibaba.com, an e-commerce company; Mobile2Win, an interactive brand marketing company; Taobao.com, a consumer-to-consumer trading website; and Focus Media, China’s largest outdoor audiovisual advertising company.

Headquartered in Shanghai, Softbank China has offices in Beijing, Suzhou, Tianjin and Taipei.