TikTok Owner ByteDance Forms PE Fund Manager to Lure Investors
Liao Shumin
DATE:  Aug 17 2021
/ SOURCE:  Yicai
TikTok Owner ByteDance Forms PE Fund Manager to Lure Investors TikTok Owner ByteDance Forms PE Fund Manager to Lure Investors

(Yicai Global) Aug. 17 -- ByteDance Technology, the parent of short-video platform TikTok, has turned its investment platform into a private equity fund management company to attract external investors.

The name of Tianjin-based ByteDance Equity Investment Management was changed to ByteDance Private Equity Fund Management, and the firm's business scope was updated to PE and venture capital fund management, financial media PEdaily.Cn reported yesterday, citing corporate registration data.

ByteDance founder Zhang Yiming no longer has a majority stake in the company that was established in 2018. Last June, Wang Jian became the biggest shareholder with an 80 percent stake in it. Zhang Peng has the remainder. Before that, Chairman Zhang Lidong had a fifth of the equity.

The unicorn set up a financial and investment team early this year, according to the same report. The team that focuses on funds reports to Alex Zhu, vice president and former head of TikTok, who is in charge of ByteDance’s strategic investment.

ByteDance has invested in several institutions as a limited partner, including BA Capital. Moreover, Zhang Yiming has personally invested in Source Code Capital as a limited partner.

Editor: Emmi Laine, Xiao Yi

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Keywords:   Bytedance,Private Fund