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In the time of unprecedent uncertainties, Oceanpine Capital Fund II successfully held $200M first closing as scheduled

Wednesday, May 13, 2020

Partnering with world-class entrepreneurs; Investing in DeepTech innovative growth companies in both TMT and Biotech sectors that are the driving force of the future economy in the New Norm

This is the first time Oceanpine has sought funding from external LPs since its inception in 2016. That year, the firm set up its $400 million debut fund using internal capital. Founder Dave Chenn, who previously established China Century Group in 2005, has participated as an LP in 15 technology-focused venture capital and private equity funds.

The first closing LPs included prominent technology entrepreneurs, asset managers, family offices, and seasoned Midas List venture capitalists.

Oceanpine has invested $500 million across more than 20 companies. Among them are computing-power specialist Enflame Technology, Ansun Biopharma, Horizon Robotics, Black Sesame, and US analytics platform Tiger Graph. Fund I is fully invested and has secured two full exits and two IPO with 45% DPI. Three more companies will file for IPO in the next twelve months.

Chenn is targeting an IRR of more than 30% for Fund II, which will follow DeepTech -focused remit of its predecessor. About $100 million has already been deployed across six deals, including a Series B for Enflame, drug developer Apexigen, Enterprise Software provider Piaoyitong, and chip software supplier ARM China. Three companies are expected to list this year or early next year.

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