Spring Capital Asia has raised $151 million for the first close of its debut fund, which is targeting a final close on $200 million in early 2010.
Spring Capital Asia Fund’s investors are predominately from Europe, followed by US and Asian investors, Vincent Chan, Spring Capital Asia chief executive and co-founder, told PEI Asia in an interview. Chan expects the proportion of Asian investors to increase by the time of the fund’s final close.
The China-focused fund makes early growth investments in sectors including clean technology, healthcare and pharmaceuticals, consumer, professional and business services.
In February, the fund acquired a significant minority stake in energy-saving company Shanghai Insuring Polymer Materials for $10 million. The firm has two more energy-saving deals in China under exclusivity and a strong pipeline of deals “particularly in cleantech and healthcare” sectors, Chan said.
Hong Kong-based Spring Capital Asia intends to open an office in Suzhou in the first quarter of 2010. It opened its second office in Shanghai in July 2008.