Oceanpine Capital Hits $400Mn Final Close of Fund II

This is the first time Oceanpine has sought funding from external LPs since its inception in Dec 2016. That year, the firm set up its $400 million debut fund using GP’s internal capital.

Founder Dave Chenn, who previously established a multi-billion-dollar conglomerate company in 2005, has participated as an LP in 15 technology-focused venture capital and private equity funds, and has co-invested in a number of highly successful deals.

The final closing LPs included the GP management team itself and other top-tier international institutional investors from U.S. and Asia, including reputable insurance pockets, prominent technology company leaders (mostly listed) and their founders, asset management allocators, family offices, and seasoned Midas List venture capitalists.

Oceanpine has invested over $1 billion across more than 40 companies in both China and the US with Fund I and other investment vehicles.

Among them are AI computing-power specialist Enflame Technology, Ansun Biopharma, Horizon Robotics, Black Sesame, and US graphical database platform TigerGraph. Fund I has been fully invested and has secured two full exits and four IPOs with 50% DPI. Three more companies will file for IPO in the next twelve months.

Oceanpine is investing its Fund II in a number of innovative companies following DeepTech-focused remit of its predecessor. About $200 million has already been deployed across ten deals, including a Series B for Enflame, drug developer Apexigen, Enterprise Software provider XforcePlus, leading AI solution provider Black Sesame, innovative biopharmaceutical leader Apollomics, advanced bio-tech player Creative Biosciences, Series C & C+ for clinical stage biologics company Sinovent, AI pharmaceutical technology company XtalPi, next-gen AI recruiting super platform Hiretual, and a top domestic IC equipment supplier BEST. Five more companies are expected to go public within 2021.

 Source:  PR Newswire

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