China-based venture firm Magic Stone Alternative Capital (MSC Capital) has concluded with $197 million in the first close of its second fund, MSA China Fund II.

The new fund, which has a target of $250 million, received investments from thirteen limited partners.

In 2018, MSC Capital noted that it had set a target of $300 million for the fund.

Magic Stone Alternative has invested over $1 billion in China, focusing on artificial intelligence, genomics, mobility and software as a service companies.