Sequoia Capital China is close to raising nearly $9 billion to put into Chinese start-ups, defying global investor apprehension about Beijing’s zero-Covid policies, a crackdown on technology groups and heightened geopolitical risk, reports the Financial Times.
The fundraising haul, which two people familiar with the matter put at between $8 billion and $9 billion for four separate funds, will allow China’s premier venture capital group to plough new money into start-ups desperate for cash.
Global investors have largely pulled back from China funds in the past year over regulatory concerns, after an extended regulatory crackdown by Beijing torched the valuations of listed tech groups and halted many initial public offerings in Hong Kong and New York.