Sequoia Capital is near final closing to raise as much as US$1.45 billion for a pair of funds to invest in Chinese technology startups, in potentially the biggest funds ever raised by the venture capital firm’s China unit, according to Bloomberg citing people familiar with the matter.
Sequoia China Venture Fund VI LP is seeking US$500 million to US$550 million. Sequoia China Growth Fund IV LP is targeting to raise US$850 million to $900 million.
The funds are expected to close in early April, says the article.
Sequoia closed a US$625 million China growth fund in 2015, following a US$450 million China venture fund in 2014.
Investors in both of those funds include the University of Michigan, the Andrew W. Mellon Foundation, the Bush Foundation and BP Plc, according to Bloomberg.
Read a list of Sequoia’s latest investments in China here.