China’s VC firm Linear Capital closes USD Fund IV at nearly $200m

Shanghai, China. Source: Ralf Leineweber/Unsplash

Chinese venture capital firm Linear Capital has reached the final closing of its fourth USD-denominated fund at nearly $200 million, bringing the firm’s total assets under management (AUM) to about 3 billion yuan ($442 million), the firm announced on October 1.

The fourth US dollar fund, which Linear Capital claimed to be 20 per cent oversubscribed, received capital commitments from new and existing investors including asset management companies, sovereign wealth funds, funds of funds (FOFs), and other investment institutions in Asia, as well as global university endowments, entrepreneurs, and companies listed in China and abroad.

Shanghai-based Linear Capital would soon start the fundraising work for a new RMB-denominated fund that targets a total fund size of 600-700 million yuan ($88-103 million), said the firm.

The fourth US dollar fund had reached the first closing at $110 million in May 2020. Upon the completion of the new fund, Linear Capital manages four USD funds and two RMB funds.

Founded in September 2014 by former Facebook employer Harry Wang Huai, Linear Capital primarily focuses on startups in the data application, data infrastructure, and frontier technology domains. The firm mainly serves as a leading investor in deals at angel round to Series A round and participates in the follow-on funding rounds of high-growth businesses.

With offices in Shanghai and Beijing, Linear Capital has invested in over 80 firms, whose combined valuation has amounted to about $15 billion. Some of its portfolio firms include AI chip unicorn Horizon Robotics, cloud-based home décor firm Kujiale, big data analysis service Sensors Data, creative marketing content provider Tezign, Hangzhou-based AR startup Rokid, and electric vehicles brand WM Motor.

Since the inception of its debut USD fund in September 2015, Linear Capital had launched its second USD fund and first RMB fund in April 2016, after which it had completed the third USD fund in October 2018. A company statement in December 2019 indicated that Linear Capital had managed a total of about 1.5 billion yuan ($221 million) across these vehicles.

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.