Sequoia Capital China denies RMB fund plan
Earlier reports that Sequoia Capital China, the PRC offshoot of the leading US Silicon Valley VC firm, was looking to raise as much as RMB3 billion ($442 million) for a new RMB-denominated fund have been denied by Sequoia.
AVCJ attempted to obtain further details on the plan and also the firm’s investment strategies, but Neil Shen, Founding Managing Partner of Sequoia Capital China, replying via email, said that Sequoia has no plans yet for any new RMB fund.
Sequoia first forayed into China in 2005, and began its PRC investment program by operating two USD-denominated funds, Sequoia Capital China Fund I at $200 million and Sequoia Capital China Fund II at $750 million. This year, the regional VC sub-sector’s biggest fund close came from Sequoia Capital’s Sequoia China Foreign Currency Fund III, which secured $1 billion for its early-stage focus during the first half of this year.
More on Renminbi fund
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.