Deals
One of China's Biggest Dealmakers Takes His Biggest Gamble Yet
- Richard Peng now steers Genesis Capital’s investment strategy
- Year-old outfit’s $450 million-fund backed by Temasek, IFC
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Richard Peng didn’t get to become one of China’s most accomplished deal-makers by pussyfooting around. In 2013, the Tencent acquisitions chief took a shine to a scrappy little ride-hailing app called Didi. He tracked down reluctant founder Cheng Wei and after several conversations lured him into his office. Then he locked the door.
“Buddy, first of all, I know you don’t want our investment,” Peng told him, knowing Cheng once worked for Tencent’s nemesis, Alibaba Group Holding Ltd. “Secondly, I have to invest.”