Hedge fund ChinaRock's venture capital push reaps 27-fold gains

Hedge fund ChinaRock's venture capital push reaps 27-fold gains

A worker pulls a cart under the Liede Bridge over the Pearl River in Guangzhou, China, on Wednesday, Nov. 1, 2017. Photographer: Qilai Shen/Bloomberg

ChinaRock Capital Management has rewarded investors in its five-year-old venture capital fund with 27 times their initial outlays by scoring huge returns from financing start-ups involved in everything from artificial intelligence to ride sharing.

The $37.5 million CRCM Opportunity fund has distributed more than $1 billion since it was set up in 2013, Toby Zhang, a venture capital partner of ChinaRock, said by telephone from San Francisco. An earlier venture capital fund returned more than $300 million.

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