China’s Sinovation Ventures seeks $1b for new VC fund

China’s Sinovation Ventures seeks $1b for new VC fund

Sinovation Ventures founder Kai Fu Lee. Photo: Bloomberg.

Sinovation Ventures, the Chinese venture capital firm founded by former Google Inc executive Kai-Fu Lee, seeks to raise $1 billion for a new VC fund, its filing with the US Securities and Exchange Commission showed.

The new fund, Sinovation Disrupt Fund LP, will add to the firm’s $2 billion assets under management between seven USD and RMB funds in total. In 2019, Sinovation Ventures raised $361 million for its third RMB fund while its fourth USD fund closed at $500 million in 2018.

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