China’s Morningside Venture Capital raises $1b USD-denominated fund | #VentureCanvas
Pramugdha Mamgain | DealStreetAsia – VC
The fund has attracted investments endowment funds, family offices, pension funds, sovereign wealth funds, fund-of-funds and foundations, the report said.
The development comes close on the heels of the firm raising a combined fund of $593 million for two separate vehicles – Evolution Fund I and Evolution Special Opportunity Fund I. Both funds received investment commitments from 37 limited partners, said a filing with the US Securities and Exchange Commission (SEC) late last month.
Similar to the company’s previous USD funds, the new vehicle will also focus on early-stage startups in the social networking, enterprise services, artificial intelligence, biotech, healthcare, education, e-commerce, mobility and housing-related industries.
Founded in 1992, Morningside closed its maiden RMB-denominated fund at $140 million hard cap in March last year, backed by a host of big investors including China Merchants Ventures, national industrial guidance fund Zhongjin Qiyuan, Tencent Holdings Ltd, Xiaomi. In 2015, the firm closed its fourth China TMT (technology, media and telecom) fund at $660 million.
According to Crunchbase data, Morningside Venture has assets worth $1.7 billion under management, including four USD funds and one RMB fund.
Morningside, which focuses on four main sectors of clean technology, education technology, life science and TMT (technology, media and telecom), counts Sohu, Ctrip, YY Inc, Musical.ly, SenseTime, Airbnb, and Xiaomi among its portfolio companies.
Last month, it reportedly led a $50 million Series C round in Beijing-based distributed database company PingCap. The same month, it also led a $578 million funding round for Souche.com, operator of a used car trading website.
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