Sequoia Capital is in the process of raising a growth fund targeted at China, PE Week has learned. The move comes after the firm raised $383 million for its India Growth Fund I earlier this month.
It is still unclear what type of investments the Chinese growth fund might pursue. No information was available on the size of the fund or whether it would be managed separately from the $20 million Sequoia Capital China Principals Fund I. Regulatory filings are not yet available as Sequoia is still tying up the final details on the fund, sources say.
The firm has been beefing up its China investment team recently, hiring three associates so far this year. It got Kevin Pan from China International Capital Corp. Ltd., where he was an investment banker. It hired Glen Sun away from General Atlantic, where he was focusing on IT related growth stage investment in China. Shauna Xie was a management consultant with Monitor Group.
The moves parallel the firm’s expansion of the U.S. growth team. Over the summer, Sequoia hired Chris Olsen away from Technology Crossover Ventures where he was a board observer at eBags, Oak Pacific Interactive Corp, Whitepages.com, and Claria. It also picked up Alexander Harrison and Scott Carter away from Summit Partners.