This fund has doubled the capital commitments of its predecessor fund, NIO Capital Eve ONE Fund I L.P.
NIO Capital, a private equity fund backed by China's premium EV maker NIO, has closed its Eve ONE Fund II at about USD 400 million.
Meanwhile, the company completed the closure of the CNY-denominated fund in phase II.
The US dollar-denominated fund gained support from diversified investors, including sovereign wealth funds, insurance companies, multilateral financial institutions, Funds of Funds, family offices and pension funds from the United States, Europe, the Middle East, China, Southeast Asia and Africa. Some investment institutions considered their positions as the first of their China-focused strategic investments.NIO Capital will use the money to help early- and medium-term EV-related firms grow.
NIO's venture capital arm was founded in 2016 with a scope of ESG investment in new energy, automotive and technology startups. The company has a portfolio consisting of battery makers, self-driving technology provider and chipmakers such as CATL, Momenta, Inceptio, Pony.ai, Innovusion, Black Sesame and so on.
"Our mission is to benefit mankind by investing in innovations, we are dedicated to fostering a sustainable future with like-minded investors and visionary entrepreneurs," said William Li, managing partner of NIO Capital.
Rockets Capital also announced last week that it had finalized its first US dollar fund after raising more than USD 200 million from limited partners. NIO's competitor XPeng is the cornerstone investor of the fund. This round of fundraising attracted IDG capital, eGarden, Sequoia China, 5Y Capital and GGV Capital.