Rockets Capital Achieved First Closing of Over US$200 Million for Its Maiden Fund

Rhea-AI Summary

Rockets Capital announced the successful first closing of over US$200 million in capital commitments, led by strategic anchor investor XPeng Inc. (NYSE: XPEV). The fund focuses on venture and growth investments in the Smart EV sector and clean energy. Rockets Capital aims to leverage XPeng's expertise to nurture new technologies and provide strong investment returns. The fund's team comprises experienced professionals from leading Smart EV firms.

Positive

• First closing of over US$200 million in capital commitments.
• Strategic investment by XPeng Inc. (XPEV) validates the fund's approach.
• Focus on Smart EV industry and clean energy aligns with global trends.

Negative

• None.

BEIJING--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220317005423/en/

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Source: Rockets Capital

FAQ

What is the first closing amount for Rockets Capital?

Rockets Capital achieved its first closing of over US$200 million in capital commitments.

Who is the strategic anchor investor for Rockets Capital?

XPeng Inc. (NYSE: XPEV) is the strategic anchor investor for Rockets Capital.

What industries does Rockets Capital focus on?

Rockets Capital focuses on the Smart EV industry, clean energy, and frontier technology.

When was Rockets Capital founded?

Rockets Capital was founded in early 2022.

What is the mission of Rockets Capital?

Rockets Capital aims to leverage expertise and resources to nurture technologies in the Smart EV sector.