Beijing-based venture capital firm Shunwei Capital Partners has reportedly beaten the target for its latest fund.
The fund has held a final close on $525m, beating its $500m target, Shunwei CEO Tuck Lye Koh told Dow Jones.
Many LPs from the firm’s first fund backed the second vehicle, said Koh.
The fund will invest in China-based early-stage internet and technology businesses.
Shunwei is currently investing from a $200m fund targeting China’s internet industry, including mobile internet, e-commerce and social networks.
In April this year AltAssets reported that the firm was looking to raise $315m for its Internet Fund II and $210m for a Shunwei China Internet Opportunity Fund.
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