All-Stars Investment Limited raises $500mn to expand portfolio

The Hong Kong-based venture capital fund, All-Stars Investment Limited, has raised an additional US$500mn in order to expand its portfolio.

The business aims to expand its portfolio of startups as it expects around 10 of the firms to go public in the next two years, Bloomberg reported.

All-Stars Investment’s portfolio currently includes Didi Chuxing, the ride-sharing and autonomous technology company, SenseTime Group Limited, the world’s largest artificial intelligence startup, and Grab, the ride-hailing company.

The firm targets mature industry leaders which require a larger premium in valuation.

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“We only invest in the industry champions that have the largest market share in some of the largest fields, with some degree of anti-cyclical nature,” Richard Ji, Co-Founder of All-Stars Investment informed Bloomberg.

“When the economy isn’t great, companies that focus on cost-savings and improving efficiency benefit, and that’s what our portfolios focus on.”

The company has also backed Full Truck Alliance, which has also received investment from the Softbank Vision Fund. The business saw its revenue grow by 100 times as much in 2018.

“Late-stage investment return comes from re-pricing on price-earnings ratio and organic growth of companies,” Ji added.

“When markets are down, that re-pricing arbitrage disappears, so we have to focus on companies that still see a lot of organic growth.”

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