Lightspeed is raising its largest China fund yet

Lightspeed China Partners, the China-focused affiliate of Silicon Valley-based Lightspeed Venture Partners, has set a $360 million target for its fourth flagship venture fund, according to a document filed with theU.S. Securities and Exchange Commission today.
If the target is reached, the fund will be Lightspeed Chinas largest yet, perPitchBook. Lightspeed Chinas previous two funds each closed on $260 million. The VC raised $168 million for its debut fund in 2013.
Lightspeed China is led by David Mi (pictured). Mi, an investor in multiple billion-dollar Chinese companies, was previously the director of corporate development at Google, where he helped lead the search giants investment in Baidu. He joined Lightspeed in 2008 and established the firms China presence in 2011. Yan Han, a long-time Lightspeed investor and a founding partner of the firms Chinese branch, is also listed on the filing.
Lightspeed China has backed e-commerce platformPingduoduo and loan provider Rong360, a pair of Chinese unicorns that both completed U.S. initial public offerings since 2017.Typically, the firm makes early-stage investments in the internet, mobile and enterprise spaces.
Earlier this year, Lightspeed Venture Partners filed to raise a record $1.8 billion in new capital commitments. This month, it tackedfive new partners onto its consumer and enterprise investment teams, including Slacks former head of growth and Twitters formervicepresident of globalbusiness development.
Lightspeed didnt immediately respond to a request for comment.

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