Sequoia Capital’s former China unit has raised an Rmb18bn ($2.5bn) fund, defying a fundraising freeze that has hit rivals and building its war chest to invest in technology start-ups in the country.
HongShan, the Beijing-based group that split off last year from one of the world’s largest venture capital firms over geopolitical issues, successfully closed the renminbi fund in March, according to two people with knowledge of the matter.
It is the largest fundraising by a privately owned VC firm in China in the past year, marking the ongoing influence commanded by its founder Neil Shen, widely considered the country’s most powerful tech investor.
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