Shanghai-headquartered venture capital (VC) firm BA Capital has achieved the final close of its second flagship US dollar fund at $225 million, well above the initial target of $150 million.
Famed for its early-stage bets on companies like the Hong Kong-listed viral Labubu plush toy maker Pop Mart and luxury jewellery brand Laopu Gold, BA Capital attracted commitments from institutional investors, funds-of-funds (FOFs), and family offices for the new USD fund, BA Capital Fund II.
Founded in 2016 by managing partners David He and Michael Zhang, BA Capital invests exclusively in the consumer sector, with notable portfolio companies including tea brand HeyTea, coffee chain M Stand, fast-fashion company Urban Revivo, and snack and beverage retailer Busy Ming Group.
Last month, BA Capital and Decathlon Pulse, the investment arm of French sporting goods retailer Decathlon, each acquired a minority stake in British folding bike manufacturer Brompton to support its global growth.
BA Capital-backed Yuanji Food Group, which operates over 4,200 dumpling shops in China and overseas, submitted its listing application to the Hong Kong Stock Exchange in January. Another portfolio company, Chinese confectionery maker Amos Food Group, also submitted its application in April for a Hong Kong initial public offering (IPO).
Eaton Partners, a Stifel Company, served as the exclusive global placement agent on BA Capital’s second USD fund, while global law firm Cooley provided legal advisory.
