China's largest venture capital firms are setting up new dollar-denominated funds to attract at least $2 billion in foreign investment into Chinese companies, Bloomberg News reported, citing people familiar with the matter.
Among them is LightSpeed China Partners, which is targeting at least $400 million. LightSpeed was an early backer of Meituan (HKG:3690) and PDD, the report said.
Monolith Management, an investor in MoonShot AI, is aiming to launch a second fund worth $265 million, while Ince Capital is seeking $200 million, the news agency reported.
Source Code Capital, known for its stake in ByteDance, is targeting $150 million, and Ba Capital, an investor in Pop Mart (HKG:9992) and Laopu Gold (HKG:6181), is also aiming to raise $150 million, Bloomberg said.
The fundraising push comes as global investors reassess China's startup landscape and signals a post-COVID-19 rebound, the report said.
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