Beijing-based venture capital firm Xiang He Capital announced that it has raised $425 million for its second USD‐denominated fund.
The fund was backed by existing and new investors including global consultants, university endowments, foundations, family offices, pensions and fund‐of‐funds from the U.S., Europe, the Middle East, and Asia‐Pacific.
The new fund, Xiang He Fund II, will continue with Fund I's strategy of investing in high‐growth internet and technology‐enabled businesses in China.
More so, the oversubscribed fund will identify and invest at an inflection point where companies have operational traction but have not yet scaled to the growth stage of investment.