Investor Sequoia Capital China is raising at least 15 billion yuan ($2.2 billion) in a new yuan-denominated fund, people with knowledge of the matter said, building a war chest as the world’s second-largest economy recovers from a virus-induced slump.
The fund, Sequoia China’s sixth, is likely to be the largest of its kind for the company and is expected to focus on sectors ranging from industrial technology, healthcare and consumer to media, said one of the people.
The early investor in top Chinese technology firms such as Alibaba Group Holding reached the first close of the fundraising late last year, according to another person.
The Chinese investment arm of Silicon Valley venture capital firm Sequoia Capital looks to fully close the fundraising in the coming weeks and the final fund size would be about 18 billion yuan, said a third person.
The people declined to be named as the details of the fundraising plans are not public yet.