Shanghai - December 28th, 2021 - Eastern Bell Capital today announced the final close of its USD Fund II and RMB Fund VI, with a total size of more than RMB13 billion (US$2.0 billion), marking one of the largest fundraises among China based GPs in 2021.
The latest close takes Eastern Bell Capital’s total assets under management, including both its RMB and USD funds, to RMB 27 billion (US$ 4.2 billion). USD Fund II and RMB Fund VI will continue to invest in similar themes as their predecessor funds, namely Industrial Internet and supply chain innovation in China, with two major investment focuses – industrial digitalization and consumption upgrades, covering supply chain, consumer, enterprise services, data, and technology.
USD Fund II’s LP base includes global blue-chip sovereign wealth funds, pension funds, insurers, corporates, family offices and fund of funds. It has more than a 95% re-up rate from the LPs in its predecessor fund, Eastern Bell USD Fund I.
Eastern Bell Capital’s RMB Fund VI has managed to attract new LPs alongside existing LPs who have invested in the firm for many years, including Oriza which has participated since RMB Fund I. The LPs include government funds, fund of funds, banks, and financial institutions, with a significant increase in the number of insurers and corporate investors.
Since its inception, Eastern Bell Capital has developed a unique investment strategy of starting from a core investment sector focus, becoming a leading GP in that sector, then strategically expanding to related focus areas.
When it was founded in 2010, Eastern Bell Capital first selected logistics as the main investment sector, and subsequently developed into one of the top GPs in China investing in logistics. After years of consistently investing in the logistics sector and building a robust portfolio, the firm began to explore and invest in other sectors.
Since then, Eastern Bell Capital has developed two other major investment focuses – industrial digitalization and consumption upgrades – covering supply chain, consumer, enterprise services, data, and technology.
Investing in supply chain, Eastern Bell Capital focuses on how digitalization has transformed the supply chain systems of various traditional industries in China, from five key perspectives – consumer, retail, distribution, manufacturing, and R&D. The firm has invested in ZKH Industrial Supply, YiHeDa (301029.SZ), Titan Technology (688133.SHA), Jia Li Chuang, Xingyun Group and more.
In the consumer sector, Eastern Bell Capital’s thesis is that consumer companies rely on traffic initially, but its ultimate success is determined by supply chain capabilities. The firm invests in four major types of consumer companies – the improvement of supply chain efficiency (infrastructure + supply chain), technology-driven (technology + supply chain), design-driven (design + supply chain) and globalization (going global + supply chain), such as Xingsheng Youxuan, HARMAY, XPeng (XPEV), BananaIn, Usmile and more.
Furthermore, Eastern Bell Capital holds a positive view on the potential of enterprise services, data and technology, and has invested in portfolios the likes of SkyEye, XForcePlus, Going-link, and Asinking.
Eastern Bell has successfully built a strong team with people from diverse backgrounds who share a common vision. The firm advocates the basketball team spirit and mentoring system, which encourages employees to pursue excellence and teamwork, value mentorship, and continue evolving as a team.
With regards to portfolio support, it has been the firm’s top priority to optimize its value-added products and services for portfolios. To date, the firm has organized many international study tours, regular closed-door industry salons and brainstorming meetings, and hired both internal talents and external experts with expertise in human resources, financial management, and strategy, to provide support for portfolio companies.
Li Yan, Founding Partner and CEO of Eastern Bell Capital said, “While we believe in proactively pursuing changes and upgrading ourselves, our intentions, values, and core culture remain the same. We hope to work with more partners to create long-term value for the society in the future.”
钟鼎资本近日正式完成新一期人民币（六期）和美元（二期）基金的募集，总规模折合人民币超130亿元。
至此，钟鼎资本总管理规模折合人民币已达270亿元。本期基金仍将继续专注供应链创新为内核的产业互联网投资，坚持“产业数字化+消费升级”的两大投资主题，涵盖物流&供应链、消费、企业服务、数据与科技等投资领域。
钟鼎六期人民币基金得到了众多老投资人鼎力支持，基于对钟鼎团队、业绩和打法的认可，多家投资人连续多期出资，例如元禾辰坤为钟鼎资本从一期到六期的持续投资人。此外，本期基金还大幅增加了险资LP和产业投资人的数量和比例，涵盖了政府引导基金、保险公司、顶级母基金、主流银行和金融机构、产业投资人等LP类型。
而本期美元基金则为钟鼎第二支美元基金，LP包含了海外国家主权基金、大型养老基金、保险、家族基金、母基金等。值得一提的是，其一期基金的老投资人复投率高达95%。
不断进化的投资策略
聚焦打透、再有序延展，是钟鼎资本一直奉行的重要发展策略。
成立之初，钟鼎资本首先选择了物流作为切入点，并迅速获得头部地位，集中打透后，物流赛道也成为后续赛道延展的重要基础设施。
此后，钟鼎的战略地图又从物流延展至产业数字化和消费升级这两大投资主题，在具体投资方向上已涵盖物流&供应链、消费、企业服务、数据与科技等四个细分赛道。
在供应链赛道，钟鼎资本专注数字化对各个传统产业供应链体系的改造，其中包括消费者、零售终端、流通分销、制造和研发等五大节点，率先在供应链创新赛道布局了怡合达、泰坦科技、震坤行、嘉立创、行云集团等项目。
在消费领域，钟鼎一直相信“起势在流量、成败供应链”的基础逻辑，尤其关注以供应链效率提升（基础设施+供应链）、重视科技驱动（科技+供应链）、重视设计驱动（设计+供应链）、出海+供应链的四大主题的消费企业，并已投资了包括兴盛优选、小鹏、话梅、蕉内、Usmile等一众优秀消费企业。
此外，钟鼎也看好企业服务及数据与科技的长期发展，并已布局天眼查、票易通、甄云、领星等项目。
不断进化的组织体系
随着管理规模的扩大，钟鼎亦通过引入优秀人才、出台《钟鼎基本法》、强化数字化资管体系、打造增值服务体系等举措，在打造组织2.0方面持续探索。
比之于成立之初的三两好友，钟鼎资本目前已成长到具有一定规模，形成了拥有共同愿景、但背景多元的优秀团队。前段时间，钟鼎资本分别引入了三位高管，提升钟鼎组织运营、投后赋能及募资体系。
在文化建设方面，钟鼎一直奉行篮球队精神和师徒制。篮球队精神倡导争胜和协同，讲究让最优秀的人找到位置感和角色感，一起进化，最后实现共同的目标和愿景。而师徒制则倡导新老团队建立相互感恩的文化，消除博弈，长期传承，共同享受成长的红利。
从去年开始，钟鼎就已开始围绕新的顶层设计进行大量的调研和讨论，并在今年5月正式出台了《钟鼎资本基本法》，其中涵盖了治理和决策机制、利益分配机制、新合伙人晋升及传承机制等一系列涉及到钟鼎长治久安的问题。
在数字化建设方面，钟鼎也已全面实现了投管退的全流程数字化。从投资立项，到投后数据实时更新，再到资产评估、退出预测，钟鼎团队可在自研的小程序上多维度、全方位、实时在线看清钟鼎的资产盘面。
此外，钟鼎资本一直奉行“价值挖掘（投资）+价值创造（投后）”的基金运营理念，在投后方面打造了美国物流行、日本消费行等跨国游学计划、定期行业闭门沙龙、战略头脑风暴会等多项投后产品，并在人力资源、财务管理、资本市场、战略定位等多方面储备了内外部人才。除了已有的投后产品持续优化，增值服务体系化的建设是钟鼎近期的最优先发展重点，并已引入优秀人才，未来也将持续投入。
钟鼎资本创始合伙人、CEO严力表示：钟鼎资本发展至今，随着阶段和环境的不同，我们一直在主动求变，不断升级。但当中不变的有三点：我们追求“精品”的初心不变，我们坚持建设精品的团队，投资精品的项目，运营精品的生态。我们的价值追求不变：除了价值挖掘，找到潜在的好项目，我们相信还要给企业家创造真实价值，鼓励和帮助他们秉持企业家精神，持续创业创新，稳健经营。我们的文化内核不变：我们相信规模的扩大是果，不是因。体系化只是我们的骨骼，但创业创新的魂和钟鼎文化不会变。未来希望能携手更多的伙伴一起做有意义的事，为企业家深度赋能，为投资人创造丰厚回报，为社会创造长远价值。