Hong Kong-based buyout firm FirstLight Capital, co-led by former Alibaba Group chairman Daniel Zhang, is seeking to raise a US-dollar-denominated fund of about $1bn for its inaugural vehicle, according to a report by Reuters citing people familiar with the matter.
The firm, which focuses on the consumer, technology and healthcare sectors in China, has already secured initial commitments for the fund, signalling early investor interest in its proposition. A spokesperson told Reuters that the firm has begun deploying capital.
FirstLight’s current portfolio includes BYD Semiconductor Co, Ruichen Pet Healthcare and Changjing Electric Tech. It has offices in Beijing, Shanghai, and Shenzhen.
