News Briefs

IDG Capital sets big target for sixth venture fund

Hong Kong-based IDG Capital is in the market with its sixth fund, which aims to raise $688 million, or about $100 million more than its predecessor.

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IDG Capital is in the market with its sixth venture fund, which aims to raise about $100 million more than its predecessor.

The Hong Kong-based firm has set out to raise $688 million for IDG China Venture Capital Fund VI LP, according to a regulatory filing. The fund has not yet closed on any commitments, the filing shows.

The firm previously raised $588.8 million for IDG China Venture Capital Fund V
in 2017, according to fundraising data compiled by Private Equity International, a Venture Capital Journal sister publication. Fund V focused on venture and growth investments in biotech, life science, healthcare and TMT in the Asia-Pacific region, PEI reports.

LPs in Fund V included Texas County and District Retirement System Public Pension Fund ($30 million), The Leona M. and Harry B. Helmsley Charitable Trust (undisclosed amount), and University of Michigan ($20 million), according to PEI.