JunHe Advised Broad Vision Funds on the Formation of its Secondary Multi-Strategy Fund

JunHe recently advised Broad Vision Funds (BVF) on the formation of its first secondary multi-strategy RMB fund (“Broad Vision S Fund”). Following the investment strategy of “secondary investment + feeder fund investment + direct investment,” the Broad Vision S Fund focuses on investments in sectors such as technological innovation, healthcare and consumer technology. The Broad Vision S Fund intends to raise up to RMB 6 billion and its fundraising has reached more than 60% of its initial target, while subsequent fundraising is still in progress. The major investors of the Broad Vision S Fund include local government financing vehicles (LGFV), insurance funds, leading FOFs, listed companies and industrial investors.

JunHe also advised BVF on the formation of its direct investment fund phase II (“Broad Vision Fund II”) prior to this project. BVF’s direct investment funds focus on growth-stage and pre-IPO companies in the medical and advanced manufacturing industries such as next-generation information technologies, integrated circuits, AI, 5G communications, new energy vehicles and medical devices. It also leads investments in and incubates numerous other promising projects. The Broad Vision Fund II intends to raise up to RMB 4 billion and it has already reached more than 80% of its target in its initial fundraising, while subsequent fundraising is still in progress. The major investors of the Broad Vision Fund II include LGFVs, insurance funds, listed companies, industrial investors and leading family firms.

BVF is a private equity firm that is most active in the RMB fund field and it is also among the few diversified investment firms in China that operates both direct investment funds and secondary multi-strategy funds. The AUM of funds under its management has exceeded RMB 10 billion. Acting as the exclusive legal counsel for BVF, JunHe has represented BVF in its investments in numerous projects, including but not limited to Tongshu Gene, Standard Robots, XSKY Technology, PerfMa, ALLSENSE Technology and MicroPort NeuroTech, advising on the preparation, formation and fundraising of Broad Vision’s RMB funds.

The firm’s deal team was led by Partners WANG, Man (Shelley).