Matrix Partners secures $350m for third Chinese fund


china chinese flagVenture capital firm Matrix Partners has hit the target for its third China-focused fund.

A document filed with the US Securities and Exchange Commission shows that Matrix Partners China III has received commitments of $350m from 40 LPs.

The fund is the same size as the firm’s second China fund, which was closed in 2011, at around the same time as its $300m second India fund.

Matrix, which is based in Boston and has offices in Beijing and Shanghai, currently has more than $1bn under management in its China-focused funds.

The firm’s recent deals in China include an investment in online recruitment service provider Liepin as part of its $70m Series C round, which was also backed by Warburg Pincus.

Matrix first backed Liepin in 2011 by participating in the company’s Series A round.

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