Facebook co-founder Eduardo Saverin’s B Capital Group is likely to allocate 40 per cent of its $1.9bn global fund to China as the company starts investing there, according to the new head of the company’s B Capital Group.
“We are considering launching a China fund later this year to address investment issues in China,” Cai Wei, B Capital’s new head of China operations, said in an interview with Bloomberg on Monday.
China could account for about a third to 40 per cent of B Capital’s global fund, she added.
The US now accounts for just over 50 per cent of B Capital’s global investments, with the rest allocated to south and south-east Asia, Latin America and Europe.
B Capital has hired Cai Wei, a former partner of the SoftBank Vision Fund, to run a team of about 10 investment professionals originally from Hong Kong focused on Chinese tech start-ups serving sectors such as healthcare, financial services and transportation.
Ms Cai points out that as the theme of digitisation plays out across large industries, it is very similar to what has happened in the US over the past 20 years to see huge opportunities for technology companies to provide services to businesses.