Matrix Partners China, the Chinese arm of U.S. venture capital firm Matrix Partners, has raised $750 million for its fifth venture capital fund, according to a filing with the U.S. Securities and Exchange Commission (SEC).
The fund saw participation from about 53 limited partners (LPs), the filing said.
Matrix Partners China raised $500 million for its fourth China-focused fund in February 2016, less than two years after raking in $350 million for its third fund to invest in the country’s technology, media and telecommunications sectors.
The Chinese VC arm was established in 2008. Led by general partners Bo Shao, David Su and David Zhang, Matrix Partners China invests in a variety of sectors including internet & mobile internet, financial services, healthcare and SaaS in China.
According to Crunchbase data, Matrix Partners has backed about 243 companies, leading investments in 63 of them.
Earlier this month, the firm led a Series A funding round for Yaoyanshe, a healthcare company based in Shanghai, and Xiaopangxiong, a Shanghai-based home construction materials B2B trading platform. In March, Chinese electric car startup CHJ Automotive pocketed RMB 3 billion ($473 million) in its Series B funding round led by Matrix Partners China and Shougang Fund’s new energy fund portfolio.
Matrix Partners is also an investor in Chinese bike sharing unicorn Ofo.
The announcement of Matrix raising its fifth fund comes a day after Sequoia Capital, an early investor in Google and Apple, disclosed its intent to raise six new funds, including three China-focused funds, in an SEC filing. The funds include Sequoia Capital China Venture Fund VII, Sequoia Capital China Growth Fund V, and Sequoia Capital China Seed Fund I.
In April, Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, announced the launch of its dedicated technology fund for China. With a fund size of $275 million, the fund will invest in Chinese companies and cross-border deals, with a strong focus on enterprise tech, fintech and consumer tech.