Sycamore Ventures has announced plans to set up the China Greenstar Resource Utilization Investment Fund in partnership with China Association of Resource Comprehensive Utilizations, an organization under the direct management of the State-owned Assets Supervision and Administration Commission of China's State Council.
As one of the world's largest funds focusing on China's environmental sector, China Greenstar features a total fund of US$1 billion, of which, US$900 million is raised by Greenstar Management Corp, an affiliate of Sycamore, and the remaining US$100 million is reportedly collected by CARCU.
China Greenstar will invest 60-80% of its fund in China; 10-15% in the U.S.; 5-15% in other regions of Asia; and the remainder in other global markets.
Stephen Chiao, a partner of Sycamore Ventures, disclosed in local media that China Greenstar has already selected two projects for investment, one of which is a wastewater processing company and the other is a water recycling company.
With branches in the U.S., China, India and Singapore, Sycamore Ventures has invested in over 100 companies in the IT, consumer, media, telecom, and health and life sciences sectors globally. Among these companies, 55 have been successfully listed.
