TLDR:
- Temaesk-backed venture debt vehicle, InnoVen Capital, has launched a second fund targeting China’s technology companies, with a target size of $250 million. The fund has already raised $130 million, with InnoVen Capital acting as the anchor investor and contributions from Chinese local government agencies.
Singapore-based InnoVen Capital, a venture debt vehicle backed by Temasek, has announced the launch of a second fund aimed at supporting technology companies in China. The InnoVen China Fund II has a target size of $250m; it has raised $130m so far, with InnoVen Capital acting as the anchor investor. The remaining contributions come from local government agencies in China. The fund will provide capital to high-growth startups in the country, despite regulatory uncertainty. In 2020, InnoVen Capital launched its first $200m fund and made investments in companies such as electric vehicle firm Xpeng Motors and drone maker DJI, which have both experienced substantial growth in recent years.
