Gobi GBA Managing Partner Chibo Tang told Mergermarket that the new GBA fund overall target is HKD 2bn (USD 256.9m) and a final close is planned for mid-2022. The first iteration of the fund was established in 2016 with a corpus of HKD 1bn, all from Alibaba. A TWD 10bn (USD 359m) fund was also launched for deployment in the Taiwan market.

For Fund II, the remit has expanded from Hong Kong to include the broader Greater Bay Area (GBA) and capital is being raised from external investors. While Alibaba remains the anchor LP, the fund has also won support from Hong Kong financial institutions with an interest in the GBA and Southeast Asian corporates that can help portfolio companies expand overseas.