Matrix raises $750m for fifth China VC fund
Matrix Partners China has raised $750 million for its fifth venture capital fund to invest in the technology, cleantech, education, energy, healthcare and financial services sectors in China.
The total includes the GP contribution, according to a regulatory filing. The fund, Matrix Partners China V, has received commitments from 53 LPs. It comes two years after the firm's previous vehicle closed at $500 million.
Matrix entered China in 2008 and has raised more than $2.2 billion in capital to date for VC investments in the country, according to AVCJ Research. It has backed several companies that are now unicorns, including smart phone maker Xiaomi, ride-hailing platform Didi Chuxing, and bicycle-sharing start-up Ofo. Recent investments also include electric car makers CHJ Automotive and Xpeng Motors.
This has been a busy fundraising year for China VC investors: Qiming Venture Partners closed its latest US dollar and renminbi funds, as well as a US-focused healthcare vehicle, in April with total commitments of $1.4 billion. Sinovation Ventures, Sky9 Capital, and Vision Plus Capital Partners have all closed funds this year as well.
In addition, Genesis Capital, a VC firm established by former Tencent Holdings M&A head Richard Peng, is currently targeting $600 million for its second fund. The likes of GGV Capital, DCM Ventures, Long Hill Capital, SBCVC, and Sequoia Capital are also in the market or preparing to enter it.
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