Rockets Capital has held the first closing achieved it of its maiden fund with over USD200 million in capital commitments.

Led by the strategic anchor investor XPeng Inc, a smart electric vehicle (Smart EV) company in China, the fund raising also attracted a number of 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 utilise financial investments and capital markets to empower entrepreneurs and start-ups, so as to deliver superior investment returns for the fund’s investors.

Read more: Private Equity Wire