Chinese private equity firm to run $400mn seed fund on AngelList investment platform

China Science & Merchants Investment Management Group, the third-largest private equity firm in China with US$12 billion under management, will run a US$400 million seed fund called CSC Upshot intended to compliment individual investors on the investment platform AngelList, TechCrunch reported, citing AngelList co-founder Naval Ravikant. SCS Upshot will likely be the largest-ever fund to provide early-stage funding to start-ups once it begins operating. “If it’s handled poorly, it could change prices and flood the market,” Ravikant acknowledged. “We were actually offered closer to $1 billion and we thought that was too much money. Even the $400 million will be spread out over six to eight years.”