Foundation PE backs Bright Venture Capital’s first USD fund

Singapore-headquartered Foundation PE, an Asia-focused secondaries investor, has led the fundraising for China’s Bright Venture Capital’s first USD-denominated vehicle, the firm said in a statement.

Bright VC’s first fund closed with total commitments of $82 million, part of which was used to acquire a portfolio of assets, including businesses in the consumer sector, held in the firm’s RMB-denominated funds. The remaining capital will be used for new investments.

Bright VC is an early-stage consumer-focused investor based in Shenzhen, China. Its investments include software startup Zhimadi, which raised a Series A round in 2020; new retail unicorn KK Group; and Leyaoyao, an artificial internet of things (AIoT)-focused technology startup.

DealStreetAsia understands that this is Foundation PE’s third investment out of its maiden fund, and second in China.

Earlier this month Foundation PE acquired the limited partner (LP) interest in Bengaluru-based Prime Venture Partners’s Fund 1, a 2012-vintage fund that closed at $8 million.

Foundation PE was launched in 2017 and is in the midst of raising $250 million for the secondaries fund. DealStreetAsia understands that about half of the target corpus has been committed.