Gaorong Capital Closes Fund V at $1.15 Billion

Beijing – October 10, 2020 – Cooley advised Gaorong Capital on the oversubscribed closing of its fifth flagship US dollar fund at $1.15 billion, bringing the firm’s assets under management to about $4 billion. Lawyers Jordan Silber, Xun Zeng and Jingyi Xu led the Cooley team advising Gaorong.

Limited partners in Gaorong Fund V include sovereign wealth funds, endowments and foundations, funds-of-funds and family offices, with additional commitments from corporates and tech company founders. As one of China's most active venture capital firms, Gaorong has developed deep domain expertise and insight into the new consumption and technology sectors. Gaorong will continue to focus on early- and growth-stage opportunities in areas such as new consumption, new technology, enterprise services and healthtech.

Cooley has advised Gaorong since 2014, including on its fourth USD fund at $500 million. Upon the closing of its third such fund at US$400 million and its renminbi growth fund at ¥2.5 billion in Q1 2017, Gaorong became the first China VC firm to cross the ¥10 billion threshold within three years of its founding. Since its inception, the firm has backed more than 150 startups, of which at least 20 have achieved valuations above US$1 billion, and 12 have successfully completed IPO.

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