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Yunfeng Fund Raises RMB 10 Bln in First Round

Sina Tech, 1/25/11

David Feng Yu, co-founder and chairman of the Yunfeng Fund initiated by Yu, Alibaba Group chairman Jack Ma, and Giant Interactive (NYSE: GA) chairman Shi Yuzhu, has revealed the fund raised approximately RMB 10 bln in its first round. Yu added that Tencent (0700.HK) was also among the fund's first investors.

Yu declined to give specific figures for Tencent's investment, citing a confidentiality agreement. He did reveal, however, that the minimum threshold for investors in the first round of funding was USD 10 mln.

The Yunfeng Fund is split evenly between USD- and RMB-denominated funds, allowing more flexibility in selecting investment projects. Yu said according to conservative estimates the fund should have completed investing in 3-4 years, or possibly within 1-2 years.

Yu added that the fund may consider increasing investment in Sogou, the online search engine of Chinese internet firm Sohu (Nasdaq: SOHU). Sogou currently has approximately 1% of China's search market, but Yu believes that based on Sogou's current trajectory, the search engine could obtain a 10-20% market share within the next 1-2 years.

Keywords: VC Giant Interactive Jack Ma Shi Yuzhu Internet funding investment Sogou Tencent GA Sohu 0700.HK Alibaba Group Yunfeng Fund David Feng Yu online search


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