Skadden advises Unicorn fund close

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Skadden Arps Slate Meagher & Flom acted as legal counsel to venture capital fund-of-funds manager Unicorn Capital Partners (Unicorn) in its US$350 million Fund III closing.

The fundraise, which closed on 31 December 2019, was oversubscribed and hit the fund’s US$350 million hard cap. It saw participation from both new and existing investors, and comprised leading endowments, foundations, pension funds, family offices and technology entrepreneurs.

In line with its three preceding funds, the new fund will also invest in emerging venture capital managers who invest in the areas of internet and mobile-enabled consumer, enterprise services, deep tech, broad TMT and healthcare sectors.

Founded in 2015, Unicorn is a venture capital platform that provides access to the innovation and new economies in China and Asia. Skadden has acted as counsel to Unicorn since its inception in 2015.

Geoffrey Chan, partner and head of investment management practice in Asia, was the firm’s lead on Fund III. Monument Group served as the placement agent for the fund close.