Shanghai-based venture capital firm Blue Lake Capital, led by former Sequoia Capital and GGV Capital executives, is raising $200 million for its second early stage fund, according to a stock exchange filing.
The Blue Lake Capital Fund II was launched in March this year.
In the filing dated July 27, it was stated as the fund’s “first sale yet to occur”, and the total remaining amount to be sold was $200 million.
A report in the Asia Venture Capital Journal on August 2, citing sources, said, Blue Lake has raised $120 million for the vehicle as the first close.
The commitments are from foundations, family offices and funds of funds in the US and Asia, the report said.
Blue Lake’s first fund also totals $200 million, according to its website. The firm targets early stage investments ranging between $1-15 million in the consumer and enterprise Internet sectors.
Most recently, Blue Lake led a $15 million series B funding round in online ticketing platform Ferris Wheel. The website is listing 11 portfolio companies, mostly Chinese startups. Blue Lake invested in mobile marketplace 5miles, a US company co-founded by an overseas Chinese entrepreneur.