Lightspeed China Partners closes new Opportunity Fund at $1.5b

China-focused venture capital firm Lightspeed China Partners (LCP) has closed a new fund at $1.5 billion to further expand investment scope to cover growth-stage companies in consumer internet, high-tech and corporate service industries.

The new vehicle, dubbed “Lightspeed Opportunity Fund,” will primarily invest in LCP’s existing portfolio firms, while looking at investment opportunities in growth and late-stage enterprises who are leading players in various segments. The fund will write cheques between $50 million and $100 million.

The Opportunity Fund added to LCP’s previous five U.S. dollar funds and one RMB-denominated fund, bringing its total assets under management (AUM) to $2 billion, said LCP in an email reply on Thursday.

The development comes more than one year after LCP announced in January 2019 that it has collected $360 million for its early stage-focused “Lightspeed China Partners IV,” and $200 million for the debut growth-stage vehicle, “Lightspeed China Partners Select I.”

The company said that the capital commitments in the previous two funds have exceeded $600 million, which enhanced its capabilities in making investments beyond early-stage startups in the fields of consumer internet, corporate service, high-tech, and other internet-enabled sectors.

The company has generated returns from a series of portfolio’s initial public offerings (IPOs) in recent two years, including Beijing-based food delivery giant Meituan Dianping, which raised $4.2 billion in a Hong Kong IPO in September 2018, and online group discounter Pingduoduo and its $1.63 billion US float, Nasdaq-listed online-to-offline (O2O) real estate platform Fangdd Network Group, as well as New York-listed Chinese fintech firm FinVolution Group and financial products recommendation platform Jianpu Technology.

LCP also backs a group of growth-stage portfolio companies in China, such as Uber-like truck logistics unicorn Manbang Group, electric vehicle brand Xiaopeng Motors, 3D-sensors (LiDAR) developer Hesai Technology, enterprise-level cloud computing firm QingCloud, and Tencent Trusted Doctors, an online healthcare unicorn backed by tech giant Tencent.

Lightspeed Venture Partners, LCP’s Silicon Valley-based sister firm, also closed another two new investment platforms “Lightspeed Venture Partners XIII” and “Lightspeed Venture Partners Select IV” at $890 million and $1.83 billion, respectively.

Since its inception in 2000, Lightspeed has backed more than 350 companies, managing over $6 billion of committed capital across the US, Israel, India and China.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.