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[Travel News]: China’s Ocean Link raises $580m Fund II for travel, consumer tech deals: Report

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The following is the [Travel News]: China’s Ocean Link raises $580m Fund II for travel, consumer tech deals: Report from [Deal Street Asia] recommended by TheTourAttraction.com:

The firm expects co-investments alongside the new fund could take its aggregate capital deployment size to USD 1.4 billion.

Ocean Link has raised USD 580 million for its second fund as the Shanghai-based private equity firm continues its focus on China’s tourism and consumer technology sectors, Asia Venture Capital Journal (AVCJ) reported on Wednesday.

The firm expects co-investments alongside the new fund could take its aggregate capital deployment size to USD 1.4 billion, according to the report. Ocean Link did not immediately respond to DealStreetAsia’s email request for comment.

Ocean Link, an investor in Chinese classifieds marketplace 58.com Inc and online travel agency Tongcheng-Elong, primarily invests in China’s consumer, travel, as well as technology, media, and telecom sectors.

The firm is among a rising number of PE investors seeking to back take-private offers of US-listed Chinese companies, as interest in a relisting closer to home grows amid tensions between Beijing and Washington.

In January, Ocean Link joined hands with Sequoia Capital China in an offer to privatise Hong Kong-listed Zhejiang New Century Hotel Management, a hotel management services provider in China, for a total of HK$1.51 billion. It was also part of an investor group consisted of Warburg Pincus, General Atlantic, and 58.com’s chairman & CEO Yao Jinbo that agreed to take the Beijing-based firm private in a deal that valued it at USD 8.7 billion last year.

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