IDG Capital to raise $1 bln fund for China

IDG Capital Partners has set out to raise a $1 billion venture-capital fund for the Chinese market, according to an SEC filing.

The fund, IDG China Capital Fund III, has not yet had a first close, according to the documents. The firm has a mix of growth, or early and balanced stage, funds; capital, or late stage, funds; and venture-capital funds for the Chinese market.

Its previous IDG-Accel China Capital Fund II was a $750 million late-stage fund raised in 2011, according to Thomson Reuters. Last year IDG Capital began raising new funds without the assistance of Accel Partners.