VantagePoint Venture Partners has launched a $100 million fund to support the emerging clean technology and financial services sectors in Tianjin, marking one of the largest investments in these industries in China.
The Tianjin VantagePoint hi-tech China foreign invested venture capital enterprises fund will prioritize investment opportunities in the Chinese metropolis, as well as in the surrounding areas of Beijing, Shijiazhuang, Hebei, Liaoning and Shandong.
“The economic dynamism of the Tianjin-Bohai Rim region is a direct reflection of a progressive policy environment, particularly in the financial services sector,” said Melissa Guzy, managing director and group leader of emerging markets in Asia at VantagePoint.
VantagePoint will jointly manage the fund with Tianjin Hi-Tech Holding Group and Tianjin Binhai Development Investment Holding Company. VantagePoint is already ready to deploy the fund as majority of the capital has already been guaranteed.
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China’s clean technology industry holds an immense potential for growth, posting a 148 percent increase in investments from 2005 to 2009 versus the United States’ 103 percent growth. China was also the main force behind the 37 percent increase in Asia’s clean energy sector, which resulted in $39 billion green investments in 2009.
“China is one of the key places where the global clean tech future is being defined. The country is a world leader in terms of investment in clean energy, and the Tianjin-Bohai Rim region is at the heart of this clean tech revolution,” said Alan Salzman, chief executive and managing partner of Vantage Point.
“The (fund) will be a platform to support that drive and will help build world class Chinese enterprises that can contribute to economic growth and earn national and global recognition,” he added.
VantagePoint is one of the top investors in the global clean technology industry, with more than $1 billion investments. The Silicon Valley-based venture capital firm has active investments in clean technology leaders such as Better Place, Brigelux, BrightSource Energy, MiaSolé, Ostara Nutrient Recovery Technologies, Serious Materials, Solazyme, Tesla Motors, Trilliant and Tendril.
VantagePoint is also involved in light-emitting diode projects and building efficiency, smart grid, energy storage, waste-to-energy and electric vehicle ventures.
