10 July, 2018
Unicorn Capital Partners (“Unicorn”), a venture capital fund-of-funds manager focused on China and other key technology markets in Asia, announced on 9 July 2018 the closing of Unicorn Partners Fund II (the “Fund” or “Fund II”). The Fund closed at its hard cap of $250 million and was significantly oversubscribed. In line with its two predecessor funds, the Fund will partner with best-of-breed leading and emerging venture capital managers who invest in the areas of technology, media and entertainment (“TME”), and healthcare throughout China.
Unicorn received strong support from its existing investor base while also adding a number of new investors, including leading endowments, foundations, sovereign wealth funds, family offices and successful technology entrepreneurs.
“We are pleased to announce the final closing of our third fund at a level that was significantly oversubscribed and would like to thank our investors for their support,” said Tommy Yip, Founding Partner of Unicorn. “We believe there are increasing opportunities in China for outsized returns powered by a large and growing New Economy, an established technology ecosystem, and a maturing venture environment with a large and more experienced supply of entrepreneurs, stable capital markets for venture funding, and a variety of exit options.”
“We are not here to provide exposure but to generate superior returns for our investors by building a highly selective portfolio with only the top 5 percent venture capital managers in China.” said Kah-Fai Low, Founding Partner of Unicorn. “We are the venture expert in China with extensive venture capital fund investment experience. Venture is the only thing we do.”
The Unicorn founders, Tommy Yip and Kah-Fai Low, have 35 years of combined venture capital fund investment experience and research experience through technology boom-and-bust cycles and generational changes in China venture capital.
The team was aided in the fundraise by Monument Group, one of the industry’s leading placement agents. “Monument Group was very pleased to work with Unicorn Capital Partners on their highly successful fundraise,” said Bob Mast, Managing Director of Monument Group. “The process was a testament to Unicorn’s strong relationships within the Chinese venture capital community, their successful investment track record and their long experience in providing value to their investors.” "Unicorn has a strong reputation as the trusted Asia partner when it comes to U.S. and global institutional LPs looking to invest among the hundreds of venture capital funds in China. Tommy’s and Kah Fai's many years of experience investing in the VC industry helps LPs do that while also navigating the often complicated legal landscape,” said Geoffrey Chan, partner and head of investment management practice in Asia at Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates (“Skadden”).
Monument Group served as the exclusive placement agent for the Fund. Skadden acted as legal counsel to the Fund and has acted as counsel to Unicorn since its inception in 2015. Geoffrey Chan was Skadden's lead partner.
