China VC Spin-Outs: Daddy Issues

This article was originally published on AVCJ on March 8, 2017 written by Winnie Liu.

Several managers in the latest generation of China VC spin-outs retain close ties to their former corporate parents. These relationships can deliver great deal flow, but also governance headaches

Spin-out number one: Genesis Capital. After spending seven years as head of M&A at Tencent Holdings, Richard Peng launched his own firm in 2015. Genesis focuses on growth stage investments, leveraging its networks and expertise with a view to helping Chinese internet start-ups achieve critical mass. Peng is said to be on course to beat the $400 million target for his debut fund, having decided against raising capital from his former parent in order to attract institutional LPs.

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