China Media Capital Launches $950 Million CMC Capital Partners III Fund

By Annie Baker ● February 14, 2020
  • China-based venture capital firm China Media Capital has launched a $950 million fund called CMC Capital Partners III Fund

China Media Capital, a China-based venture capital firm led by Li Ruigang, has launched a $950 million third fund called CMC Capital Partners III according to documents filed with the Securities and Exchange Commission discovered by Variety. The SEC documents show that the Cayman Island-registered fund had raised $153.5 million from investors in the U.S., which was managed by Credit Suisse.

CMC now runs two RMB funds and three USD funds. The second dollar fund had sold $182 million to U.S. investors and $366 million to investors outside of the U.S.

Ruigang used to be the head of Shanghai Media Group. And Ruigang is known as one of the best-connected Chinese executives in Hollywood along with the politicians in Beijing. With his connections, he has been building up a media empire ranging from movie production to smart TV devices. Some of the firm’s shareholders include Alibaba, Tencent and China Vanke.

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In partnership with Jeffrey Katzenberg and Dreamworks, Ruigang and CMC had launched a China-based animation joint venture company called Oriental Dreamworks. And with Warner Bros, CMC launched a film production venture called Flagship Entertainment. A couple of years ago, Oriental Dreamworks became a wholly CMC-owned property called Pearl Studio ― which released “Abominable” last year.

Within the U.S., CMC is a minority shareholder of Los Angeles-based Creative Artists Agency and it has a holding in Ron Howard and Brian Grazer’s Imagine Entertainment. And in Asia, CMC has a stake in Hong Kong’s free-to-air broadcaster TVB and the Shaw Brothers film studio.

CMC Holdings had recently announced it was selling a 25% stake in BaseFX. BaseFX is getting acquired by Sunac Culture.