Blue Lake Capital moves past halfway mark for new fund

Blue Lake Capital is well on its way to reaching its $200m goal for its second China-focused VC fund after pulling in more than $138m for the vehicle.

The firm has secured commitments from at least 17 LPs so far according to documents submitted to the US Securities and Exchange Commission.

Probitas Funds Group has been listed as placement agent for the fund in a number of US states.

AVCJ reported in August last year the firm had held a $120m first close for the vehicle.

The firm manages two US dollar funds and one renminbi fund, both focused on in the technology media and internet sectors as well as others.

Blue Lake has offices in Beijing and Shanghai and typically invests between $1m and $15m per deal.

The tech investor is led by former GGV Capital VP Ray Hu and former Sequoia Capital China VPs Alex Yin and Jianwei Li.

Blue Lake has previously invested into a number of FinTech companies including Mobanker, which provides financial industries with AI and big data technology to improve client acquisitions.

Some of the other companies in its portfolio include e-commerce platform 5miles, information security platform for financial institutions Zorelworld, and e-commerce company Meical.

China Merchants Group and Sequoia Capital are just two of the venture capital firms to close China-focused FinTech funds this year. China Merchants Group recently set its sights on a $15bn vehicle which will predominantly back technology companies operating in China.

Sequoia Capital launched two new funds for the China market, Sequoia Capital China Venture Fund VII, Sequoia Capital China Growth Fund V. Both have yet to register any capital or outline a funding target.

Copyright © 2018 FinTech Global

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