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Ropes & Gray Represents Banyan Capital on Closing of Venture Capital Fund

Practices: Private Funds

Ropes & Gray congratulates Banyan Capital on the successful fundraising of its first venture capital fund, Banyan Partners Fund I. The fund, founded by Zhen ZHANG, Xiang GAO and Bin YUE, held its final closing on January 8 with US$206 million in capital commitments, after receiving significant investor interest over the course of its two-month marketing period. The fund attracted a diverse group of more than 40 investors from around the world, including entrepreneurs, family offices, fund-of-funds, foundations and other institutional investors from greater China and the U.S.. 

Banyan Capital is among the top venture capital fund sponsors to focus on the technology, media and telecommunications sector in China. The key principals of Banyan Capital were previously with IDG Capital Partners in China.  

The legal work was notable for the speed of execution of the fundraising and fund documentation process, with initiation of marketing until the final closing being completed within a period of just under three months.

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