Summary:5Y Capital launched its latest fund in November 2020 with a new name, having formally separated from Morningside Group, but it was the same old story in terms of the process: oversubscribed and speedily done. The firm secured $1.6 billion for its sixth US dollar-denominated China offering, beating a target of $1.4 billion, and it was wrapped up in four months. An early-stage fund of approximately $904 million was accompanied by a $653 million growth vehicle. 5Y raised $660 million and $1 billion for its fourth and fifth funds, each of which had a similar dual tranche structure.

Summary:Gaorong Capital closed its fifth US dollar-denominated China VC fund in early October 2020 with commitments of $1.15 billion, taking its assets under management to $4 billion. The new fund is more than twice the size of its predecessor - which closed at $500 million in 2018 - yet it was still substantially oversubscribed. The fundraising process took just over one month. LPs include sovereign wealth funds, endowments and foundations, fund-of-funds, family offices, corporates, and technology entrepreneurs. The objective remains building a portfolio of early- and growth-stage assets in new retail, technology, enterprise services, and medical technology.

Summary:Openspace Ventures closed its third Southeast Asia fund – which targets companies with B2C and B2B technologies – at the hard cap of $200 million in February 2021. The process took about one year. The firm raised $145 million for its previous fund in 2018. Re-upping LPs include Temasek Holdings, StepStone Group, Sofina, San Diego City Employees Retirement System, and Duke University. While re-ups accounted for 80% of a $90 million first close in June 2020, efforts were made to diversify the LP base. The likes of DEG, Norfund, 57 Stars, and Mizuho Financial Group subsequently came in as new investors.

Summary:In 2014, as a newly minted spinout from Sequoia Capital China with fewer than 10 staff, Source Code Capital raised a $100 million fund. Seven years on, in April 2021, the firm closed its fifth US dollar-denominated vehicle at $1 billion. Headcount now exceeds 100, including seven partners, 30 investment professionals, and a separate post-investment team. Source Code’s latest offering comprises venture and growth vehicles of $420 million and $580 million, respectively. They were substantially oversubscribed. It raised $570 million in the previous vintage, introducing separate venture and growth capital pools for the first time.

Summary: Stellaris Venture Partners has closed its second early-stage India fund on $225 million in August 2021, comfortably exceeding the $160 million target while diversifying the LP base. The firm was founded in 2017 and raised $90 million for its debut fund. LPs in that vehicle include Small Industries Development Bank of India (SIDBI), IT services giant Infosys, and approximately 50 Indian entrepreneurs, executives, and fund managers. About half the corpus comprised rupee capital. While local entrepreneurs continue to be represented in Fund II, the US dollar-denominated share has risen to 75%. Global LPs account for 80% of overall commitments.