Fundraising of the Year – Venture Capital

5Y Capital Evolution Fund III (5Y Capital)

5Y Capital closed its latest China-focused venture capital fund – and accompanying co-investment vehicle – in the first quarter of 2024 at the hard cap of USD 800m. Participating LPs came from Aisa, Europe, and the US. A target of USD 700m was set in August 2023, with a data room and due diligence sessions have opened the prior month. 5Y Capital Evolution Fund III is the firm’s seventh venture fund overall but its third since formally separating from Morningside Group. 5Y raised USD 700m for its venture strategy in the previous vintage as well as USD 1bn for a growth-stage vehicle.

ACV Capital V (AC Ventures)

AC Ventures – formed in 2019 through the merger of Indonesian venture capital firms Agaeti Ventures and Convergence Ventures – closed its fifth fund in January 2024 on USD 210m. The firm raised USD 205m in the prior comparable vintage. A first close of USD 160m came in September 2022, about four months after launch. However, the USD 250m target was subsequently adjusted downwards to USD 200m as fundraising conditions changed. The LP base is 70% institutional – with representation from Asia, the US, and the Middle East – largely thanks to participation by development finance institutions (DFIs), sovereign wealth funds, and financial institutions.

Coral Capital IV (Coral Capital)

Coral Capital closed its fourth Japan-focused venture capital fund in May 2024 on JPY 25bn (USD 159m), beating its target of JPY 20bn after three months in the market. New LPs accounted for 44% of the corpus, including Development Bank of Japan (DBJ). There was also a significant showing from large institutional investors – such as pension funds and insurers – that are entirely new to Japan VC. Overseas investors contributed 37%, up from 30% in Fund III, which closed on JPY 14bn in 2021. Meanwhile, in addition to DBJ, the domestic LP contingent featured Dai-ichi Life, Mizuho Bank, Nikon, and Gree.

DSG Consumer Partners IV (DSG Consumer Partners)

DSG Consumer Partners, which focuses on early-stage consumer investments in India and Southeast Asia, closed its fourth fund in October 2023 with commitments of USD 114m. The firm had accumulated USD 104m within a year of launch, including a first close of USD 63m in April 2022. Although the USD 120m target was nearly twice what the firm raised in the previous vintage, existing LPs accounted for 72% of the fund corpus. The anchor investor from the previous fund doubled its contribution, while L’Oreal and Wipro Consumer Care & Lighting came in as new investors through their corporate venture funds.

LongRiver Investments Evolution Fund I (LongRiver Investments)

LongRiver Investments, a China-based VC firm established by the founding partner of Ping An Ventures, closed its debut fund on USD 385m in July 2024. It is the only first-time US dollar-denominated fund launched by a Chinese manager to achieve a final close in the past 12 months. The fund, which invests in healthcare and technology globally, received support from insurance companies, asset management companies, and funds-of-funds from Asia and Europe. Overseas insurers represent the largest LP constituency. On reaching a first close of USD 300m in June 2022, LongRiver said it wanted to raise as much as USD 500m.