Illustration by Jeremy Enecio for Fortune
By Dan Primack
July 6, 2015

I guess it was only a matter of time…

There is a new venture capital firm called Unicorn Capital Partners, borrowing from the Aileen Lee-coined term that has come to refer to billion dollar tech startups. It already has secured $12 million in capital commitments from U.S. investors, per a regulatory filing, to back companies in China and the rest of Asia.

The group is led by Kah Fai Low, a former Seagate engineer who most recently was executive director of Singapore-based Eagle Asia Partners, and Tommy Yip, previously a partner and head of North Asia for private equity fund-of-funds manager Emerald Hill Capital Partners.

No word yet on how much the firm is seeking to raise.

It’s also worth noting this this actually is the second Unicorn Capital Partners, as there also is an Eastern Europe-focused buyout fund that goes by the same name.

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