TMT, biotech fund Oceanpine raises $400 million

After launching in 2016 with GP internal capital, Oceanpine announced a final closing of its Oceanpine Capital Fund II totaling $400 million. The Beijing-based firm invests in the DeepTech arena and innovative growth companies in both TMT and biotechnology sectors that have been so popular as of late. Its inaugural fund launched with $400 million with founder capital. Investors in the second fund includes institutional investors from the U.S. and Asia, including insurance companies, technology leaders, family offices and seasoned Midas List venture capitalists. Oceanpine founder Dave Chenn has participated as an LP in 15 technology-focused venture capital and private equity funds and has co-invested in a number of successful deals as well. To date, the firm has invested over $1 billion across more than 40 companies in both China and the U.S. with Fund I and other investment vehicles. The investments include AI computing-power specialist Enflame Technology, Ansun Biopharma, Horizon Robotics, Black Sesame and the U.S. graphical database platform TigerGraph. Fund I has been fully invested and has secured two full exits and four IPOs with 50% return on investment. Officials said that three more companies will file for IPOs in the next 12 months. In Fund II, about $200 million has already been put to work across 10 deals, including a Series B financing for Enflame, drug developer Apexigen, enterprise software provider XforcePlus, AI solution provider Black Sesame, innovative biopharmaceutical leader Apollomics, advanced bio-tech player Creative Biosciences. Five more companies these companies are expected to go public within 2021. The firm’s focus remains on early-to-late growth companies that rise to prominence via disruptive technology plays and proven business model that address mass market demand. In addition to its Beijing headquarters, Oceanpine also has offices in Hong Kong and Silicon Valley.

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