Ince Capital Close to Raising Up to $500 Million for Second Fund

Ince Capital, co-founded by one of China’s most famous venture capitalists, is close to raising as much as $500 million for a second fund to bankroll Chinese startups, according to people familiar with the matter.

The fund is seeking to raise $350 million to $500 million after deploying about 70% of the money from its first fund in 2019, the people said, requesting not to be identified because the matter is private. Ince declined to comment.

Ince, which counts backers including the Mayo Clinic, has invested in a raft of online education startups including Eeo Education Ltd., the owner of ClassIn. The startup also attracted funding from Tencent Holdings Ltd. and Hillhouse Capital Management Ltd. Ince is an investor in NiceTuan, which recently received $750 million in investment from backers including Alibaba Group Holding Ltd. and DST Global.

The Shanghai-based firm co-founded by Gan Jianping, raised $352 million in 2019 from endowment funds including the University of Pittsburgh, Duke University and Carnegie Mellon. Gan helped build Qiming Venture Partners into one of China’s best-known investment houses in the past decade, backing companies including on-demand service Meituan and travel site International Ltd.

A former director of the Carlyle Group, Gan was a managing partner at Qiming and sat on the fund’s investment committee since 2006. He was named venture capital professional of the year in 2017.

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