Oriza Rivertown, the growth-stage investment platform of China’s Oriza Holdings, has raised 1.6 billion yuan ($235.8 million) in capital commitments for two new funds, taking its total assets under management (AUM) to over 4.5 billion yuan ($663.2 million).
Oriza Rivertown, headquartered in eastern China’s Suzhou City, secured the new commitments for the second close of its second flagship fund called Oriza & Rivertown Innovation Growth Fund II and the first close of the Nantong Oriza & Rivertown Growth Fund I, the firm announced earlier this week.
As an investor of TikTok-owner ByteDance as well as JD.com’s JD Digits and JD Logistics, Oriza Rivertown has built a portfolio of almost 40 companies since its inception in 2018. Five of them have gone public, while about 10 are in the process of preparing for an initial public offering (IPO).
Oriza & Rivertown Innovation Growth Fund II has already reached nearly 1 billion yuan ($147.4 million) upon its second close in 2022. Fund II targets to hold the final close at 1.6 billion yuan in mid-2023, said Oriza Rivertown.
Its limited partners (LPs) include new investors such as wealth management firm China Everbright Trust and Xiamen Venture Capital, a fund of funds (FOF) in the southeastern Chinese port city of Xiamen. Existing LPs like Oriza Holdings and CICC Capital re-upped in Fund II.
As of present, the vehicle has completed over 10 investments.
As for Nantong Oriza & Rivertown Growth Fund I, Oriza Rivertown set up the vehicle as its first regional fund to raise a total of 1 billion yuan for investments in China’s Yangtze River Delta — a triangle-shaped megalopolis generally comprising Shanghai, southern Jiangsu, northern Zhejiang, and northern Jiangxi.
Nantong Oriza & Rivertown Growth Fund I hit the first close at 600 million yuan ($88.4 million) in October 2022, said the Chinese fund manager.
The vehicle, which roped in LPs including the government-led Nantong Science & Technology Innovation Investment Group, will focus on industries such as advanced manufacturing, new energy, new materials, and semiconductor in the Yangtze River Delta.
Oriza Rivertown set up its first flagship fund, Oriza & Rivertown Innovation Growth Fund I, with about 2 billion yuan ($294.8 million) in capital commitments in October 2018. Oriza Holdings invested in Fund I, alongside other main LPs including ICBC Asset Management, Suzhou Fund, and CICC Qirong Equity Investment Fund.