Author: Russell Flannery
INCE Capital, a newly formed investment company whose founders include 2019 Forbes Midas List member JP Gan, has raised $351.9 million for its first fund.
The fund will focus on early to expansion stage investment in internet, consumer and intelligent technology sectors in China, INCE said in a statement on Wednesday.
INCE Capital was established on July 1 by JP Gan and Steven Hu, former partners at Qiming Venture Partners, and joined by Paul Keung, another ex-partner at Qiming. Gan ranked No. 5 on the 2019 Midas List.
The “IN” in INCE stands for Internet, intelligence, innovation, and integrity; “CE” comes from the romanization of the Chinese word for strategy or decision.
“The results, pace of growth, and development of (China’s VC) industry have exceeded my wildest dreams since I first started my VC career 20 years ago,” Gan said in the statement. “We continue to be very excited about the investment opportunity in China, and strongly believe we can source and partner with talented, hardworking, and ambitious Chinese entrepreneurs to build even more extraordinary world class companies.”
INCE raised the funds at one of the lowest ebbs in U.S.-China relations since the two established diplomatic relations four decades ago. The two sides may sign a trade agreement at an APEC summit in Chile next month amid slowing growth in each country.
Gan’s investments include Ctrip.com and BiliBili.
Gan and Hu have known each other for 15 years since working together at KongZhong in 2005 and later being partners at Qiming, INCE said.