INTERVIE Tarpaulin suppliers W-UPDATE 1-Softbank fund partner to quit full-time role
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INTERVIEW-UPDATE 1-Softbank fund partner to quit full-time rolePublished: 25 Mar 2009 02:02:43 PST

* Jay Chen to focus on own business at ChinaVenture

* Says SBIC still bullish on China

* Says SBIC in no rush to spend money in 2009

BEIJING/HONG KONG, March 25 - A long-time partnerof Softbank China & India Holdings, a venture capital fundbacked by Japan's Softbank Corp <9984.T>, said on Wednesday hewill quit his full time role and return to a firm he founded.

Jay Chen will end his at the end of March, he said,confirming an earlier Reuters story.

Chen, will return to ChinaVenture, a China-focused privateequity and venture capital industry researcher and deal adviserhe founded six years ago.

He will remain as a "venture partner" of SBCI, a part-timerole that will allow him to finish some projects and provideinvestment advice in the future.

Besides Softbank, Japan's No. 3 mobile phone operator, thefund firm is also backed by U.S. technology giant Cisco SystemsInc <CSCO.O>.

Founded in early 2007, SBCI focuses on early stateinvestment and looks at companies in consumer, agricultural,new energy, health, education sectors in China, Chen said.

"In China, you really need to look at the country'sstrategy to make investment plans," he said.

"There are a few sectors, which do not see any growth inother countries, are still rapidly growing in China," Chensaid.

In Asia, private equity investments continued to slide asof the end of 2008, with the fourth quarter seeing $8.4 billionof deals, down from $27.6 billion in the same period of 2007,according to Asian Venture Capital Journal.

SBCI is in no rush to invest this year with its priority onthe managing the current portfolio well, Chen said.

"Just two or three investments this year is fine," he said.

Roughly half of the $100-million fund had been allocated asof the end of 2008, he noted.

In 2003, Chen founded ChinaVenture, which has laterexpanded into research, consulting, investment bankingbusinesses. The firm also operates a website and organisesindustry conferences with offices in Beijing and Shanghai.

Chen said intended to double ChinaVenture's staff to 120 inthe next year. ($1=6.83 yuan)

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