IDG Capital Partners closes Chinese venture fund on $571m

China-focused venture capital fund IDG Capital Partners has closed its Harmony Capital Fund with commitments of RMB3.6bn ($571m), a third of which was secured from China’s fast-growing social security fund.

According to news reports in China, the fund, which will invest primarily in telecoms, media and technology businesses based in Zhongguancun, Beijing’s technology hub, launched in 2010 and closed in 2011, but has since exceeded its initial target.

The National Social Security Fund (NSSF), an RMB857bn ($136bn) vehicle formed in 2000 to support the country’s ageing population, is the biggest limited partner in the fund, having committed RMB1.2bn ($190m).

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