Hong Kong VC MindWorks raises US$220 million in new fund, defying private capital slump
MindWorks closed a US$220 million fund, with backing from sovereign wealth funds, a university endowment, and ‘new economy entrepreneurs’
Hong Kong technology venture-capital (VC) firm MindWorks Capital has finalised a new US dollar fund to invest in start-ups across the Greater Bay Area and Asia, defying an extended slump for China-focused private investments amid geopolitical headwinds.
MindWorks closed a US$220 million new fund, with investors including sovereign wealth funds, a university endowment, asset managers, family offices and “many prominent Asia new economy entrepreneurs”, the company said on Tuesday.
The new fund, the company’s fourth, brings its total asset under management to US$1.4 billion, it said.
The company’s “cross-border, cross-region” investment strategy across Greater China and Southeast Asia has “resonated with several global investors seeking to deploy capital in Asia”, even though some China-based VC firms have found it difficult to attract US dollar capital, MindWorks managing partner Joe Chan said in a company statement.
Roughly 70 per cent of the investors in MindWorks’ new fund are based in Asia, while about 30 per cent are from Europe, David Chang, founding partner of MindWorks Capital, told the Post on Tuesday.
