How to Start a Venture Fund in China, with Chris Lerner, Managing Partner at MSA Capital

Asia Startup Pulse

We invited Chris Lerner, Managing Partner at MSA Capital, to join us to share his experience on starting and running a successful venture fund, and also how MSA Capital has supported startups to grow and expand to different markets. Founded in 2014, MSA Capital is an independent global private equity and venture capital firm with over $1.5 billion assets under management. Most notably, 60% of its 26 early stage investments have become super unicorns.

We also extended the conversation from a “cross-border” perspective by discussing about the potential opportunities for foreign startups and foreign VCs to enter China.

Show Notes:

2:48 Introduction to MSA Capital

5:22 What has kept Chris Lerner living in China

9:12 What makes the Chinese VC industry different

13:10 The DNA of Chinese corporate VCs (CVCs)

15:13 Conflicts happen when startups work with different CVCs

17:38 What takes to launch a VC fund

19:57 Who is investing in VC funds in China

24:40 The difference between RMB funds and USD funds

27:44 How VC funds can exit themselves in China

31:38 The trends of consolidation for financial returns

33:18 What support MSA Capital provides to startups

38:13 Potential opportunities for foreign startups to enter China

41:18 The opportunity of foreign VCs to enter China

42:32 How to contact Chris Lerner

Many thanks to our guests Chris Lerner; host Oscar Ramos; producers Eva Shi and Sagar Chaudhary; editor David; organizer Chinaccelerator; and sponsor People Squared. Be sure to check out our website www.chinaccelerator.com

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