NIO Capital, a leading Chinese investment firm focused on decarbonization and digitalisation, today announced the successful final closing of NIO Capital’s flagship fund, Eve ONE Fund II L.P. (the ‘Fund’) at approximately USD 400 million.
The Fund was oversubscribed and quickly surpassed its original target fund size and hard cap. Notably, this Fund has nearly doubled the capital commitments of its predecessor fund, NIO Capital Eve ONE Fund L.P., which held its final closing in 2019. With its comprehensive platform of strategies, NIO Capital supports emerging founders and innovative technologies across the company life cycle.
William Li, Managing Partner of NIO Capital, said, “Our mission is to sustain and advance humankind via investing in innovations. We are dedicated to fostering a sustainable future with like-minded investors and visionary entrepreneurs.”
Ian Zhu, Managing Partner of NIO Capital, said, “Over the past five years, NIO Capital has become an institutionalized investment firm with the ability to integrate industry resources with financial goals. We see exciting opportunities at the crossover of auto, technology, and energy sectors, and will continue to focus our investments on decarbonization and digitalisation.”
Despite various fundraising limitations and challenges arising from the Covid-19 pandemic, the Fund enjoyed strong support from a diversified group of existing and new institutional investors. These investors hold a high conviction around NIO Capital’s target sectors and robust market opportunity set. Participating investors include a mix of sovereign wealth funds, insurance companies, multilateral financial institutions, funds of funds, family offices, pension funds and foundations from the United States, Europe, Middle East, China, South-East Asia and Africa. For a couple of our new investors, this Fund was the first foray and investment into a China-focused strategy.
Building on its reputation as a leader driving digitalization and decarbonization transformation in scalable industries, such as the mobility, energy and logistics sectors, NIO Capital established Fund II to continue its successful investment strategy. The team will focus on backing the next generation of innovative technologies and business models reshaping its target market, leveraging its unique access to Chinese innovation and in-depth market understanding with a flourishing ecosystem.
Notable investments by NIO Capital include the pioneering intelligent systems developer Momenta, leading L4 autonomous driving provider Pony.ai, LiDAR systems application maker Innovusion, the industry’s 1st L3 Mass-produced trucks developer Inceptio, digital energy infrastructure provider NewLink, and automotive aftermarket sector leader Tuhu.
Asante Capital Group acted as the exclusive global fundraising adviser, while Cooley LLP acted as NIO Capital’s primary legal adviser.
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