Lightspeed China closes Fund III at $260m
Lightspeed China Partners has reached a final close of $260 million on its third venture fund, substantially above the vehicle's $240 million target.
The fund, Lightspeed China Partners III, will seek early-stage investment opportunities in technology-enabled services, particularly internet and mobile applications, and enterprise technology, similar to the GP's previous vehicle, which closed in 2014, also at $260 million. Investors in the fund include both new and existing LPs, according to a release.
Lightspeed also announced a "substantial closing" of its debut renminbi-denominated fund, which it launched earlier this year with a target of RMB500 million ($75 million). The renminbi fund is meant to create more flexibility in backing Chinese early-stage start-ups.
The fundraising announcements come just weeks after the departure of Lightspeed co-founder and managing director Ron Cao, who left in order to set up his own VC firm Yunjiu Capital. Cao will continue to manage the firm's previous two US dollar funds, but will not be involved in the third fund, the renminbi vehicle, or any of the GP's future business.
Cao founded Lightspeed China in 2006 along with James Mi; both were previously managing directors at the firm's US-based parent, Lightspeed Venture Partners. Lightspeed's investments in China include e-commerce delivery services start-up 123feng.com and vacation rental website Tujia.
Lightspeed Venture Partners recently closed its latest global fund, Lightspeed Venture Partners XI, at $715 million, with an additional $500 million in a follow-on vehicle. The parent was a significant investor in Lightspeed China Partners I, which closed in 2013 at $168 million.
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