China-based early-stage venture capital firm Linear Capital achieved the first close of $110m for its fourth fund on Thursday with limited partners (LPs) including a range of undisclosed corporates, according to DealStreetAsia.
Limited partners, all of which were unnamed, included all “major” existing LPs of the firm. The report noted money had come from an asset management firm, a fund of funds, investment institutions from across Asia, endowment funds and founders of a range of internet companies.
Founded in 2014, Linear Capital focuses on so-called frontier technologies such as data intelligence. It typically invests $3m to $5m in seed and series A-stage companies in China, though it has also invested across Southeast Asia and in Silicon Valley.
Linear’s 80-strong portfolio is currently valued at a combined $12bn, the firm said.
Investments include China-based cross-border financial account provider Neat, which raised $11m in a series A round also backed by payment services provider Visa and insurance firm Massachusetts Mutual Life Insurance last month.
Linear now has four funds under management, worth a combined $352m. Its first three funds were denominated in renminbi, the latest closing at RMB500m ($73m) in late 2018 and including internet companies Baidu and Tencent as well as e-commerce group Alibaba as LPs.
