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Sequoia China raises $9bn to invest in China tech and healthcare – report

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Sequoia China has raised $9bn to invest in China tech and healthcare, Bloomberg reported quoting people familiar with the matter.

The fundraise was 50% oversubscribed but the firm has decided to stick to its original goal range. It has attracted institutional investors from Europe, US, the Middle East and Southeast Asia, according to the report.

Sequoia China is long-term positive on the county’s growth despite concerns around an economic slowdown, and plans to invest in cutting-edge technology that can help advance industries including pharmaceutical and healthcare, the sources said.

The new capital will be allocated to four funds – China Expansion Fund I, China Seed Fund III, China Ventures Fund IX, and China Growth Fund VII.

China Seed Fund III targets $400m and has a hard cap of $480m, while China Ventures Fund IX has a $900m target with a $1.1bn hardcap.

The firm was reportedly eyeing for $2.65bn for its sixth flagship China raise in 2020, but did not announce a formal close.

It closed its last swathe of China funds on $2.5bn in 2018.

The VC giant raised $1.8bn for Sequoia Capital China Growth Fund V, $550m for Sequoia Capital China Venture Fund VII and $150m for Sequoia Capital China Seed Fund I, according to a report from AVCJ.

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