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]

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]

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 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 26 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. 1 2 3 4 "Ropes & Gray Represents Banyan Capital on Closing of Venture Capital Fund". www.ropesgray.com. 29 January 2014.
  3. 1 2 3 4 "China's Gaorong Capital raises $1.5bn for VC funds". www.fundsglobalasia.com.
  4. 1 2 3 Team, Investment Research (4 May 2015). "Banyan Capital Raises $100M Co-Investment Fund". China Money Network. Retrieved 24 December 2022.
  5. 1 2 3 4 5 "China's Gaorong Capital Raises $1.5 Billion for New Dollar and Yuan Funds - Caixin Global". www.caixinglobal.com. Retrieved 24 December 2022.
  6. 1 2 3 Burroughs, Tim (25 May 2018). "China VC player Banyan changes name to Gaorong". avcj. Retrieved 24 December 2022.
  7. 1 2 "Zhen Zhang". Forbes. Retrieved 24 December 2022.
  8. 1 2 "Xiang Gao". Forbes. Retrieved 24 December 2022.
  9. 1 2 Burroughs, Tim (29 January 2014). "IDG spin-out Banyan Capital raises $206m for China fund | AVCJ". avcj. Retrieved 24 December 2022.
  10. ↑ Wu, Yimian (25 May 2018). "Chinese VC Firm Banyan Capital Changes Name To Gaorong Capital". China Money Network. Retrieved 24 December 2022.
  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 24 December 2022.
  14. ↑ Korosec, Kirsten (2 November 2021). "Autonomous delivery startup Nuro lands investment from Google, Tiger Global in new $600 million round". TechCrunch. Retrieved 24 December 2022.
  15. ↑ Burroughs, Tim (27 July 2018). "Pinduoduo gains 40% on debut after $1.63b US IPO | AVCJ". avcj. Retrieved 24 December 2022.
  16. ↑ "Gaorong Capital raises $450M | PitchBook". pitchbook.com. Retrieved 24 December 2022.
  17. ↑ "Gaorong Capital | Palico". www.palico.com. Retrieved 24 December 2022.
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