Beijing-based VC Buhuo Ventures raises first USD fund via yuan-to-dollar restructuring
Source: Eric Prouzet/Unsplash.
May 4, 2021
Beijing-based investment firm Buhuo Ventures has completed a yuan-to-dollar fund restructuring to raise its maiden US dollar venture capital (VC) fund at over $100 million.
As part of the process to create the US dollar fund, Buhuo transferred partial stakes in four assets from its initial yuan fund Buhuo Ventures RMB Fund I, a 500-million-yuan, 2017-vintage vehicle, and an associated special purpose vehicle (SPV) into Buhuo Venture USD Fund I, the firm announced in a WeChat post on April 29.
The assets include Chinese engineering equipment rental platform Zhongneng United; Guoquan, a supermarket chain that offers hotpot and barbecue ingredients; and New Carzone, a business-to-business-to-consumer (B2B2C) auto aftermarket platform backed by e-commerce giant Alibaba, among others.
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