Cherubic Ventures, an early stage venture capital firm with a focus on the U.S. and Greater China, is raising a new fund targeted at US$120 million, according to a company announcement.
It has secured US$80 million in confirmed commitments, and is still on the road to raise the remaining portion.
Founded in 2010, Cherubic’s previous fund was around US$42 million.
The firm initially focused on China, which accounts for around 60% of its portfolio.
But founder and angel investor Matt Cheng, who previously worked at C Squared Venture Capital, decided to include the U.S. and bridge the world’s largest two markets together after 2013.
With offices in Shanghai, Beijing, Taipei and San Francisco, the fund has seen its portfolio companies collectively raising over US$1 billion follow-on financing, according to its website.