BAI Capital raised its first fund with a commitment of $700 million, exceeding the China-based company’s target.
BAI Capital Fund I will have two main areas of interest — China-based global companies and China’s structural transformation. The firm said it seeks to partner with and empower Chinese companies and entrepreneurs that can leverage the multiplier effect of China’s technology, talent, and supply chain advantages and to expand globally in consumer retail and services, fintech, media and content innovation, Web3 and the metaverse.
The China-based investment team will also seize on the cross-cycle opportunities within infratech, electric vehicles and autonomous driving, and industrial upgrade driven by enterprise software development. Annabelle Long founded the company in 2008 as Bertelsmann Asia Investments. Since then, the firm has invested in more than 200 companies, including 17 IPOs and 40-plus unicorns.
Now the $3 billion firm is independent and wholly owned with offices in Beijing and Shanghai. The team counts sovereign wealth funds, large insurance companies, funds of funds as well as Bertelsmann among its investors.
“The success of this fundraise is evidence of the sound investment strategy that the BAI team has employed for nearly 15 years,” said Long in a statement. “We will continue to utilize our deep industry network, operational insights and investment expertise to identify and access compelling investment opportunities and build a diversified and balanced portfolio of early to growth-stage companies to generate meaningful and differentiated returns for our investors.”
