Shanghai-based Chinese venture capital firm Lightspeed China Partners says that it has completed the first and final closing of Lightspeed China Partners II, L.P. with total committed capital of US$260 million, exceeding the firm’s target of US$220 million, according to a company announcement.
The firm’s second fund plans to invest exclusively in China-based businesses with a focus on early-stage companies in the Internet, mobile, technology-enabled services, and enterprise solution sectors.
Ron Cao and James Mi, managing directors of Lightspeed China Partners, will oversee the fund.
With offices in Shanghai and Beijing, Lightspeed China Partners completed its inaugural fund Lightspeed China Partners I, L.P. in 2012 with US$168M of committed capital.
Investments in its first fund include Meilele, the largest online retailer of self-branded furniture; Rong360, the Internet search site and marketplace for financial services; Tujia.com, the largest online vacation rental service provider; Qingcloud, the cloud infrastructure-as-a-service provider; and PPdai, the top peer-to-peer online lending platform.
Continuing its focus on early-stage and high-impact technology companies, the new fund plans to invest in approximately 30 companies with initial investments typically ranging from US$500K to US$7M in seed and series A rounds.
Prior to forming Lightspeed China Partners, Ron and James were managing directors at U.S. venture firm Lightspeed Venture Partners with responsibility for investments in China.
"We continue to be excited about early-stage technology investment opportunities in China," said Ron Cao, managing director of Lightspeed China Partners. "The Chinese consumers and businesses are embracing technology in an unprecedented way. Many businesses across various sectors and verticals are being disrupted by start-ups leveraging technology to create new, innovative business models."