Rockets Capital Achieved First Closing of Over US$200 Million for Its Maiden Fund
17 March 2022 - 6:00PM
Business Wire
Rockets Capital (the “Fund”), announced today that it has
achieved its first closing of over US$200 million in capital
commitments. Led by the strategic anchor investor XPeng Inc. (NYSE:
XPEV and HKEX: 9868), a leading smart electric vehicle (“Smart EV”)
company in China, the fund raising also attracted a number of
leading institutional investors, such as IDG Capital, eGarden,
Sequoia China, 5Y Capital, and GGV Capital.
Rockets Capital was established in early 2022 and will focus on
venture and growth stage investments in Smart EV industry value
chain, clean energy, and frontier technology areas. While operating
independently with a market-oriented approach, Rockets Capital will
leverage XPeng Inc.’s industry expertise and resources, incubate
technological innovation, and utilize financial investments and
capital markets to empower entrepreneurs and start-ups, so as to
deliver superior investment returns for the fund’s investors.
Rockets Capital’s core investment team comes from leading Smart
EV companies, auto industry funds, and venture capital funds. They
also have prior experiences in leading technology companies, with
in-depth sector knowledge and strong investment track records.
Capitalizing on its extensive industry network, Rockets Capital
will have access to proprietary deal sourcing opportunities in the
Smart EV industry value chain and the related ecosystem. The fund
has already entered into agreements to invest in several leading
enterprises in its target industries.
Rockets Capital’s strategic anchor investor, XPeng Inc., is a
leading Chinese Smart EV company that designs, develops,
manufactures and markets Smart EVs with industry leading full-stack
proprietary software capability. XPeng’s vehicle delivery was
ranked first among China’s emerging pure-play EV companies in 2021.
“Exploring smart and sustainable mobility solutions has always been
our mission at XPeng. As an industry leader in the smart EV sector,
we believe it is critical to nurture technologies that will enrich
the value chain for sustainable mobility,” said Brian Gu, Vice
Chairman & President at XPeng. “We have high confidence in the
investment team of Rockets Capital, and their capability to
accelerate the sector’s development as well as create value for its
investors.”
Bing Yuan, Managing Partner of Rockets Capital, said: “Our
successful first closing, achieved amid the current global turmoil
and challenging capital markets environment, is a strong
endorsement of our differentiated positioning, investment strategy,
and execution capability by our investors. It is also a testimony
that in the constantly evolving investment industry, the low carbon
economy and technology-driven development are the consensus
investment trends. We are grateful to our investors for their
trust, confidence and support, and with a shared vision, we will
endeavor to capture the systematic investment opportunities arising
from the global smart EV mega-trend as well as China’s drive
towards a green economy and self-reliant technological
ecosystem.”
About Rockets Capital
Founded in 2022, Rockets Capital is a China-based private equity
firm focused on venture and growth stage investments in Smart EV
industry value chain, clean energy and frontier technology areas.
Its strategic anchor investor, XPeng Inc. is a leading Chinese
smart EV company that designs, develops, manufactures and markets
smart EVs. While operating independently with a market-oriented
approach, Rockets Capital will leverage XPeng Inc.’s industry
expertise and resources, incubate technological innovation, and
utilize financial investments and capital markets to empower
entrepreneurs and start-ups, so as to deliver superior investment
returns for its investors.
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