Northern Light Venture Capital raises nearly $450 mln for fifth fund

Northern Light Venture Capital, a China-focused firm targeting early-stage companies, raised almost $450 million towards its fifth venture fund from 23 LPs, according to a regulatory filing. Additionally, the firm is raising about $35 million towards a fifth strategic fund, according to a separate filing with the SEC.

Founded in 2005, the firm has offices in several cities in China, including Beijing and Shanghai, as well as offices in Hong Kong, and Menlo Park, California.

NLVC manages about $4.5 billion across five US dollar-based funds and five Yaun-based funds. Since inception, the firm has backed more than 200 companies, investing 70 percent of funds into Series A rounds, and 10 percent and 20 percent into seed and Series B rounds, respectively.

The firm invests in three sectors: TMT (technology, media and telecom); advanced technology, such as AI and internet of things; and healthcare.

NLVV’s notable exists include the sale of Telegent Systems to Spreadtrum in 2011, public offering of Aerohive Networks on NYSE in 2014, and IPO of Meituan.com, which launched on the Hong Kong Stock Exchange in 2018, raising $4.2 billion in an offering.

The firm was founded by Managing Director Feng Deng. Prior to NLVC, Deng co-founded NetScreen Technologies, which went public on Nasdaq in 2001 and was later acquired by Juniper Networks in 2004 for $4.2 billion.