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$1.7B fund promises to boost China's semicon market

Posted: 26 Nov 2014 ?? ?Print Version ?Bookmark and Share

Keywords:private equity fund? semiconductor? R&D?

SummitView Capital, one of the most technology-focused investment funds in China, which consumes 60 per cent of the world's semiconductor production, raised a $1.7 billion private equity fund with the Shanghai government in cooperation with the China National Fund.

The fund enables SummitView to acquire global semiconductor design companies and help them expand their market share in China by increasing sales, marketing activities, support and engineering, while nurturing an atmosphere of international cooperation. SummitView will assist newly acquired companies to take advantage of this unique opportunity. The acquired entities will maintain their operations, research and development activities worldwide.

In addition to the initial funding, SummitView has also signed agreements with China Development Bank, Bank of Shanghai, Shanghai Pudong Development Bank, China Merchant Bank and Bank of China to secure debt financing for its operations $5 billion.

The fund is headquartered in Shanghai with offices in Beijing and San Francisco. The anchor investors of the fund include the Shanghai Science & Technology Investment Corporation, Shanghai Jiading Investment Management Corporation, Semiconductor Manufacturing International Corporation (SMIC), MediaTek Corporation and Tsinghua Holdings Corporation.

The General Partners of the new fund together represent 60 years of combined international CEO experience including a U.S. IPO, four sell side M&As and 20 buy side M&As. The partners have worked together since 2007 and have operated multinational business and investment funds.

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