(Yicai Global) Sept. 24 -- British investment firm Baillie Gifford, which is Nio's second-largest institutional investor, has opened its Shanghai office after obtaining a private equity management license three weeks ago with its first China fund already in the pipeline.

The company is looking to invest in the most attractive and influential Chinese companies in the long term for its clients, and spur innovation and growth among these firms -- just like it has done for others over the past decades, John MacDougall, chairman of the Edinburg-headquartered firm's China operations, told Yicai Global. 

Baillie Gifford finished its registration with the Asset Management Association of China on Sept.1, becoming China's 29th wholly foreign-owned private fund management company.

The firm's first local fund will be launched in the near future to mainly invest in the two mainland stock markets, said Linda Lin, head of investment research at the Chinese unit.

Before this, Baillie Gifford has placed its bets on more than 100 Chinese firms. It is lifestyle application Meituan Dianping's third-largest institutional investor while standing among the top five for Alibaba Group Holding. The British firm has also poured money into fintech behemoth Ant Group that is about to go public. Other tech giants, such as Tencent Holdings, JD.Com, Pinduoduo, ByteDance Technology, and NetEase are also backed by the company. 

“We will follow the firm's well-tested long-term investment pattern, even though many investors in China tend to invest in the short term,” said Lin. "Local investors’ methodologies will also shift to long-term goals in five to 10 years."

Founded in Scotland in 1908, Baillie Gifford now manages assets worth USD324 billion, while its China-related assets exceed USD55 billion.

Editor: Tang Shihua, Emmi Laine