Northern Light Venture Capital (NLVC), which backs early-stage startups in China and the US, has made the final close of its fourth RMB-denominated fund at nearly 2 billion yuan ($309 million), the VC announced on Thursday.
RMB Fund IV, which is oversubscribed, received its capital commitment from its existing limited partners (LPs), most of who are local government-led industry funds, leading insurance groups and funds of funds.
NLVC earlier raised a total of $700 million for its US dollar Fund VI and RMB Fund IV in June this year.
NLVC, established in 2005 in Beijing, supports early-stage startups primarily across China and the US.
With the new fund, NLVC will continue to invest in early-stage businesses, with special focus on three sectors – TMT, advanced technology, healthcare.
NLVC claims to have invested in over 400 startups including New York-listed Tencent Music, consumer products and retail services major Meituan, life science and genomics organisation BGI, leading OS technology developer ThunderSoft, global clinical-stage biopharmaceutical firm Connect Biopharma, among others.
In September alone, NLVC backed five deals such as innovative drugs maker VesiCURE Therapeutics’100 million yuan ($15 million) angel round, software-defined storage solutions developer XSKY’s 710 million yuan ($110 million) Series E round.
With about 30 billion yuan ($4.5 billion) in its assets under managements, NLVC has managed 10 dual-currency funds including six dollar funds and four yuan funds.