Eduardo Saverin's B Capital may allot 40% of global fund to China

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[SINGAPORE] Facebook co-founder Eduardo Saverin's B Capital Group may allocate as much as 40 per cent of its US$1.9 billion global fund to China as it begins investing there, according to the firm's new head for the country.

"Later in the year, we're thinking of launching a China fund to address China investment," Daisy Cai said in an interview with Bloomberg TV on Monday. The country could make up roughly about a third to 40 per cent of B Capital's global fund, she added.

The US currently accounts for slightly more than half of B Capital's global investment, while South and South-east Asia, Latin America and Europe make up the rest.

B Capital hired Ms Cai, a former SoftBank Vision Fund partner, to run a team of about 10 investment professionals initially from Hong Kong and focus on Chinese tech startups serving businesses in healthcare, financial services and transportation, among others.

As general partner at B Capital, which Mr Saverin founded with former Bain Capital executive Raj Ganguly in 2015, she's tasked with helping expand the young venture house's global footprint.

Ms Cai said B Capital recently invested in Xingyun Group, which helps international brands expand their e-commerce operations in China. It's also looking at backing a major auto parts retail chain, she added, without naming the company.

"We believe that China is as big of an opportunity in the global tech market as the US," Mr Ganguly told Bloomberg News last week. Mr Saverin added his firm will bet on startups serving businesses in China where "the economy is vast but tech innovation is still under-invested relative to the industrial sector".



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