Sinovation Fund III (IFC-37897)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Countries
  • China
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
SINOVATION FUND III LP
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 26, 2018

Disclosed by Bank Jan 13, 2016


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Project Description

Sinovation Fund III L.P. is a venture capital fund that is broadly focused on the full gamut of early stage TMT companies in China. The fund is headed by Dr. Kai-Fu Lee, who was the founding President of Google China from 2005 to 2009.

The Fund has a target size of USD 250 million. IFC will be investing in Sinovation III along with other established institutional investors.

Investment Description
  • International Finance Corporation (IFC)

The project sponsor is Sinovation III L.P. The Fund is headed by Dr. Kai-Fu Lee. An alumni of Columbia University (BS. Computer Science) and Carnegie Mellon University (Ph.D. Computer Science), Mr. Lee has worked at Apple Computer (1990 – 1996), Silicon Graphics (1996 – 1998), Microsoft (1998 – 2005), and Google (2005 – 2009) in both U.S. and China. At Microsoft, he established the Microsoft Research division in Beijing. At Google, he was the founding President of Google China, and established Google in the Chinese market and oversaw its growth.

Private Actors
  • Sinovation Fund III L.P. -- Financial Intermediary

The project sponsor is Sinovation III L.P. The Fund is headed by Dr. Kai-Fu Lee. An alumni of Columbia University (BS. Computer Science) and Carnegie Mellon University (Ph.D. Computer Science), Mr. Lee has worked at Apple Computer (1990 – 1996), Silicon Graphics (1996 – 1998), Microsoft (1998 – 2005), and Google (2005 – 2009) in both U.S. and China. At Microsoft, he established the Microsoft Research division in Beijing. At Google, he was the founding President of Google China, and established Google in the Chinese market and oversaw its growth.

Contact Information

Mr. Kai-Fu Lee
Chairman and CEO
+86 (10) 5752-5200
A-10F,Dinghao Building,No.3 Haidian Street, Haidian District, Beijing 100080,China
ir@chuangxin.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/