Gaorong Capital Explained

Gaorong Capital
Native Name:高榕资本
Former Name:Banyan Capital
Type:Private
Industry:Venture Capital
Location:Beijing, China
Products:Investments
Aum:US$4 billion (2020)
Footnotes:[1] [2] [3]

Gaorong Capital is a Beijing-based venture capital firm founded in 2014. The firm focuses on investments related to Technology, Media and Telecommunications (TMT).[4] [5]

Background

In January 2014, IDG Capital employees Zhen Zhang, Xiang Gao and Bin Yue founded Banyan Capital.[6] [7] [8] The three of them focused on TMT investments during their time at IDG Capital. 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.[9]

In 2018, the firm changed its name to Gaorong Capital to achieve more consistent brand recognition with Chinese entrepreneurs.[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. 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 YearCommitted Capital ($m)
Banyan Partners Fund I2014USD 206
Banyan Capital RMB Fund I2014RMB 320
Banyan Partners Fund II2015USD 362
Banyan Partners Co-Invest Fund2015USD 100
Banyan Capital RMB Fund II2015RMB 560
Banyan Partners Fund III2017USD 400
Gaorong Partners Fund IV2018USD 500
Gaorong Partners Fund V2020USD 1,150

Notes and References

  1. Web site: Form ADV . SEC . 24 December 2022 . 24 December 2022 . https://web.archive.org/web/20221224081646/https://reports.adviserinfo.sec.gov/reports/ADV/170221/PDF/170221.pdf . live .
  2. Web site: Ropes & Gray Represents Banyan Capital on Closing of Venture Capital Fund . www.ropesgray.com . 29 January 2014 . 24 December 2022 . 24 December 2022 . https://web.archive.org/web/20221224081728/https://www.ropesgray.com/en/newsroom/news/2014/January/Ropes-Gray-Represents-Banyan-Capital-on-Closing-of-Venture-Capital-Fund . live .
  3. Web site: China's Gaorong Capital raises $1.5bn for VC funds . www.fundsglobalasia.com . 24 December 2022 . 24 December 2022 . https://web.archive.org/web/20221224085317/https://www.fundsglobalasia.com/news/china-s-gaorong-capital-raises-15bn-for-vc-funds . live .
  4. Web site: Team . Investment Research . 4 May 2015 . Banyan Capital Raises $100M Co-Investment Fund . 24 December 2022 . China Money Network . en-US . 24 December 2022 . https://web.archive.org/web/20221224082909/https://www.chinamoneynetwork.com/2015/05/04/banyan-capital-raises-100m-co-invest-fund . live .
  5. Web site: China's Gaorong Capital Raises $1.5 Billion for New Dollar and Yuan Funds - Caixin Global . 24 December 2022 . www.caixinglobal.com . en . 24 December 2022 . https://web.archive.org/web/20221224084837/https://www.caixinglobal.com/2020-10-27/chinas-gaorong-capital-raises-15-billion-for-new-dollar-and-yuan-funds-101619217.html . live .
  6. Web site: Burroughs . Tim . 25 May 2018 . China VC player Banyan changes name to Gaorong . 24 December 2022 . avcj . en . 24 December 2022 . https://web.archive.org/web/20221224084405/https://www.avcj.com/avcj/news/3010109/china-vc-player-banyan-changes-name-to-gaorong . live .
  7. Web site: Zhen Zhang . 24 December 2022 . Forbes . en . 24 December 2022 . https://web.archive.org/web/20221224082901/https://www.forbes.com/profile/zhen-zhang/ . live .
  8. Web site: Xiang Gao . 24 December 2022 . Forbes . en . 24 December 2022 . https://web.archive.org/web/20221224082905/https://www.forbes.com/profile/xiang-gao/ . live .
  9. Web site: Burroughs . Tim . 29 January 2014 . IDG spin-out Banyan Capital raises $206m for China fund AVCJ . 24 December 2022 . avcj . en . 16 March 2024 . https://web.archive.org/web/20240316024644/https://www.avcj.com/avcj/news/57992/idg-spin-out-banyan-capital-raises-usd206m-for-china-fund . live .
  10. Web site: Wu . Yimian . 25 May 2018 . Chinese VC Firm Banyan Capital Changes Name To Gaorong Capital . 24 December 2022 . China Money Network . en-US . 24 December 2022 . https://web.archive.org/web/20221224085840/https://www.chinamoneynetwork.com/2018/05/25/chinese-vc-firm-banyan-capital-changes-name-to-gaorong-capital . live .
  11. Web site: China's Gaorong Capital closes USD- and RMB-denominated funds for $1.5b. 2020. www.dealstreetasia.com. 8 June 2023. 8 June 2023. https://web.archive.org/web/20230608162304/https://www.dealstreetasia.com/stories/gaorong-rmb-usd-funds-212798. live.
  12. Web site: China's Gaorong Capital raises $1.15b for fifth dollar-denominated fund. 2020. www.dealstreetasia.com. 8 June 2023. 8 June 2023. https://web.archive.org/web/20230608162306/https://www.dealstreetasia.com/stories/gaorong-capital-usd-fund-210910. live.
  13. Web site: Shelemin . Stanislav . Xiaomi ecosystem: smart Huami best watches under the brand name Amazfit . 24 December 2022 . gagadget.com . en . 16 March 2024 . https://web.archive.org/web/20240316024642/https://gagadget.com/en/aliexpress/60906-xiaomi-ecosystem-smart-huami-best-watches-under-the-brand-name-amazfit/ . live .
  14. Web site: Korosec . Kirsten . 2 November 2021 . Autonomous delivery startup Nuro lands investment from Google, Tiger Global in new $600 million round . 24 December 2022 . TechCrunch . en-US . 24 December 2022 . https://web.archive.org/web/20221224091440/https://techcrunch.com/2021/11/02/nuro-lands-investment-from-google-tiger-global-in-new-600-million-round/ . live .
  15. Web site: Burroughs . Tim . 27 July 2018 . Pinduoduo gains 40% on debut after $1.63b US IPO AVCJ . 24 December 2022 . avcj . en . 24 December 2022 . https://web.archive.org/web/20221224091440/https://www.avcj.com/avcj/news/3011076/pinduoduo-gains-40-on-debut-after-usd163b-us-ipo . live .
  16. Web site: Gaorong Capital raises $450M PitchBook . 24 December 2022 . pitchbook.com . en . 24 December 2022 . https://web.archive.org/web/20221224091443/https://pitchbook.com/newsletter/gaorong-capital-raises-450m . live .
  17. Web site: Gaorong Capital Palico . 24 December 2022 . www.palico.com . 24 December 2022 . https://web.archive.org/web/20221224084846/https://www.palico.com/general-partners/gaorong-capital/7a013de069814dd7bc7b14cf1eefc926 . live .

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