Voting Closed

To find out who won, please stay tuned on our website. If you are interested in attending the 38th Annual AVCJ Private Equity Forum from 17-20 November in Hong Kong, please book your ticket now.

Fundraising of the Year – Venture Capital

A91 Partners Fund III (A91 Partners)

A91 Partners closed its third India-focused fund on USD 665m in April 2025, having pushed past the hard cap of USD 650m. The data room for the fund launched in October 2024, and A91 stopped considering new commitments at the end of January 2025. It received about USD 825m in demand. The LP base is little changed from Fund II, which closed on USD 550m in 2021. North American investors – endowments, foundations, and large family offices – account for the bulk of the corpus, with about 15% from Europe and 10% from Asia. In Fund II, Europe’s share was only 5%.

Accel India VIII (Accel Partners)

Accel Partners closed its eighth India fund, which also invests selectively in Southeast Asia, on USD 650m in January 2025. The firm remains disciplined on fund size – relative to some of its peers – having climbed from USD 450m to USD 550m to USD 650m over the three vintages prior to this one. Fund VIII launched in mid-2024 with a target of USD 600m and was substantially oversubscribed. Accel is well-known for early-stage bets on consumer internet plays like Flipkart and Swiggy. Key themes for Fund VIII include artificial intelligence and India-to-global manufacturing as well as stalwart sectors consumer and fintech.

Airtree Ventures Fund V (Airtree Ventures)

Airtree Ventures closed its latest set of Australia and New Zealand-focused funds in August 2025 on AUD 650m (USD 428m). There are seed and growth vehicles of AUD 250m and AUD 400m, compared to AUD 200m and AUD 450m in Fund IV. A majority of commitments were from global institutional investors – said to be a first for an Australian VC fund – such as endowments, pensions, insurers, and fund-of-funds. On the domestic side, all existing investors re-upped, including superannuation funds, family offices, and high net worth individuals. There are approximately 60 LPs, with 45% of the capital coming from re-ups.

LAV Fund VII (Lilly Asia Ventures)

Lilly Asia Ventures (LAV) closed its seventh healthcare fund in May 2025 with commitments of USD 700m, excluding an 8% GP commitment. The LP base features sovereign wealth funds, pension funds, endowments, family offices, corporates, and fund-of-funds. LAV invests globally, but the firm has historically maintained significant China exposure. This gives context to the drawn-out timeline and smaller target compared to previous vintages. Fund VI comprised a core pool of USD 900m and an opportunity vehicle of USD 450m. The opportunity vehicle was dropped for Fund VII and the target for the core pool was ultimately set at USD 650m.

TH Capital China Growth Fund I (T-Capital)

T-Capital – formerly TH Capital – closed its debut US dollar-denominated fund on target at USD 100m in late 2024, despite challenging conditions for China-focused managers. The fundraising process began in early 2023 and approximately 60% of LPs are first-time backers of T-Capital, which has a long history in the renminbi fund space. Commitments came from family offices, corporates, and asset managers. There is a roughly equal split between Greater China and Southeast Asia, Europe, the Middle East, and the US. Several co-investment vehicles sit alongside the fund, with USD 1 of co-investment capital for every USD 4 in primary commitments.