Gaorong Capital

Gaorong Capital (Chinese: 高榕资本; pinyin: Gāoróng Zīběn) is a Beijing-based venture capital firm founded in 2014. The firm focuses on investments related to Technology, Media and Telecommunications (TMT).[3][4][5]

Gaorong Capital
Native name
高榕资本
FormerlyBanyan Capital
TypePrivate
IndustryVenture Capital
FoundedJanuary 2014 (2014-01)
Founders
  • Zhen Zhang
  • Xiang Gao
  • Bin Yue
HeadquartersBeijing, China
ProductsInvestments
AUMUS$4 billion (2020)
Websitegaorongvc.com
Footnotes / references
[1][2][3]

Background

In January 2014, IDG Capital employees Zhen Zhang, Xiang Gao and Bin Yue founded Banyan Capital.[3][5][6][7][8] The three of them focused on TMT investments during their time at IDG Capital.[6] The firm first fund that had an initial target of US$ 150 million was oversubscribed after only two month with over 40 investors attracted and raised a total of US$ 206 million.[2][9]

In 2018, the firm changed its name to Gaorong Capital in order to achieve more consistent brand recognition with Chinese entrepreneurs.[6][7][8][10]

The main investors of the firm include entrepreneurs, family offices, fund-of-funds, foundations and other institutional investors such as Tencent, Alibaba and Xiaomi.[2][4][9] It closed a new RMB-denominated fund and its 5th USD fund on the 26th of October, 2020.[11] It raised $1.15b for the fifth US fund.[12]

Notable companies that the firm has invested in include Amazfit,[13] Nuro,[14] Pinduoduo[15] and Ucommune.[16]

Funds
Fund[17] Vintage Year Committed Capital ($m)
Banyan Partners Fund I[2] 2014 USD 206
Banyan Capital RMB Fund I 2014 RMB 320
Banyan Partners Fund II 2015 USD 362
Banyan Partners Co-Invest Fund[4] 2015 USD 100
Banyan Capital RMB Fund II 2015 RMB 560
Banyan Partners Fund III[5] 2017 USD 400
Gaorong Partners Fund IV[5] 2018 USD 500
Gaorong Partners Fund V[3][5] 2020 USD 1,150

References
  1. "Form ADV" (PDF). SEC. Retrieved 24 December 2022.
  2. "Ropes & Gray Represents Banyan Capital on Closing of Venture Capital Fund". www.ropesgray.com. 29 January 2014.
  3. "China's Gaorong Capital raises $1.5bn for VC funds". www.fundsglobalasia.com.
  4. Team, Investment Research (2015-05-04). "Banyan Capital Raises $100M Co-Investment Fund". China Money Network. Retrieved 2022-12-24.
  5. "China's Gaorong Capital Raises $1.5 Billion for New Dollar and Yuan Funds - Caixin Global". www.caixinglobal.com. Retrieved 2022-12-24.
  6. Burroughs, Tim (2018-05-25). "China VC player Banyan changes name to Gaorong". avcj. Retrieved 2022-12-24.
  7. "Zhen Zhang". Forbes. Retrieved 2022-12-24.
  8. "Xiang Gao". Forbes. Retrieved 2022-12-24.
  9. Burroughs, Tim (2014-01-29). "IDG spin-out Banyan Capital raises $206m for China fund | AVCJ". avcj. Retrieved 2022-12-24.
  10. Wu, Yimian (2018-05-25). "Chinese VC Firm Banyan Capital Changes Name To Gaorong Capital". China Money Network. Retrieved 2022-12-24.
  11. "China's Gaorong Capital closes USD- and RMB-denominated funds for $1.5b". www.dealstreetasia.com. 2020.
  12. "China's Gaorong Capital raises $1.15b for fifth dollar-denominated fund". www.dealstreetasia.com. 2020.
  13. Shelemin, Stanislav. "Xiaomi ecosystem: smart Huami best watches under the brand name Amazfit". gagadget.com. Retrieved 2022-12-24.
  14. Korosec, Kirsten (2021-11-02). "Autonomous delivery startup Nuro lands investment from Google, Tiger Global in new $600 million round". TechCrunch. Retrieved 2022-12-24.
  15. Burroughs, Tim (2018-07-27). "Pinduoduo gains 40% on debut after $1.63b US IPO | AVCJ". avcj. Retrieved 2022-12-24.
  16. "Gaorong Capital raises $450M | PitchBook". pitchbook.com. Retrieved 2022-12-24.
  17. "Gaorong Capital | Palico". www.palico.com. Retrieved 2022-12-24.
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