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China's Linear Capital raises $500m

  • Larissa Ku
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Linear Capital, a China-based, technology-focused investment firm, has raised USD 500m for its fifth US dollar-denominated fund and its second opportunity Fund. It brings the firm’s total assets under management to USD 2bn.

The fundraising process began on October 8 and the vehicles were oversubscribed by mid-November. Linear declined to raise the hard cap and reached a final close in December, according to a letter to shareholders written by Harry Wang, the firm's founder.

“We share high bars with our LPs for mutual selection and we don't have a large LP base. So we understand it's not easy for such a big commitment in such a short time,” he added.

Participating LPs include university endowments, sovereign wealth funds, pension funds, foundations, family offices, and fund-of-funds. Linear did not specify the sizes of the US dollar and opportunity funds.

The firm raised USD 200m for its fourth US dollar fund in 2020 and USD 70m for its third in 2018.

Founded in 2014, Linear primarily invests in data application, data infrastructure, and frontier technology-related start-ups. 

It has backed more than 70 companies to date. These include Horizon Robotics, a supplier of hardware for autonomous driving technology, Tongdun, a risk management specialist, Kukiale, a home decoration software start-up, and Rokid, a robotics business.

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