Genesis Capital announces Final Closing of Genesis Capital II at US$850 million
Genesis Capital is pleased to announce the final closing of its second fund, Genesis Capital Fund II (the "Fund"), which was oversubscribed at its hard cap. The Fund received strong support from existing and new investors, with total commitments of US$850 million. Genesis Capital currently manages four funds, including two RMB and two USD funds.
Genesis Capital Fund II held its final close on 28 June 2019 at USD850 million. The capital for the Fund was raised from a well-diversified group of renowned investors globally, including pension funds, sovereign funds, insurance companies, foundations, and other institutional investors. Genesis has also significantly broadened its international investors base, with new LPs secured from North America, Europe, and Australia.
Genesis was established in 2015 by Richard Peng, who previously built and led Tencent’s investment team and portfolio, and Kurt Xu, who previously held senior positions across operations, strategy, and investment at Tencent. Since 2015, Genesis Capital Fund I has generated over 7 unicorns out of a 13 company portfolio, and orchestrated the mergers between Tantan and Momo (Nasdaq: MOMO), as well as Huochebang and Yunmanman (Now Full Truck Alliance).
Genesis believes that improvement in productivity and efficiency through information technology will play a pivotal role in China’s economic development. As the massive digitalization process continues in China- from consumer services to enterprise services, from tier one and two cities to tier three and four cities, information technology will become increasingly intertwined with traditional industries, to reshape, upgrade, and even disrupt traditional industries. The continued penetration of information technology, combined with the multi-tiered market in China, will create diverse innovation opportunities for entrepreneurs. Genesis will continue to invest in one theme: “information technology improves efficiency”, with a focus on growth stage investments in consumer services, enterprise to enterprise cooperation, and enterprise internal operations.
“I would like to sincerely express my gratitude for our partners, for placing your trust in our team and for your tremendous support. We will continue to remain focused and disciplined in this market, leverage our industry knowledge and network to support our companies across strategy, product, operations, talent, and M&A, and create value for our companies as well as our partners”, said Richard Peng, Founder and Managing Partner.