Lightspeed China Partners closes first RMB fund at $87m hard cap

100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013. REUTERS/Jason Lee/Files

Chinese venture capital firm Lightspeed China Partners (LCP) has closed its first RMB fund at $87 million (RMB600 million) hard cap, said a report in China Money Network.

The fund attracted investments from Chinese fund-of-funds, government guidance funds, family offices, Chinese Internet companies, and high-net worth-individuals, the report said quoting an announcement. It will make early stage investments in Internet and high technology industries, especially mobile Internet and Internet plus start-ups.

“It has been ten years since Lightspeed first entered the Chinese market, and we have developed from a global fund into an independent fund in China, from five U.S. dollar funds to our first RMB fund,” the report quoted Herry Han, a partner at Lightspeed.

Last year in June, LCP announced the final close of Lightspeed China Partners III, L.P. with total committed capital of $260 million. LCP, which is focussed on early stage investments in Internet, mobile, technology-enabled services, and enterprise solution companies, currently manages three U.S. dollar funds and one RMB fund.

The company reportedly has invested in more than 60 companies in China.

Also Read: Lightspeed China co-founder Ron Cao starts own VC firm, Yunjiu Capital

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