Bloomberg reports HSB, formerly known as Sequoia China, has begun preliminary talks with investors with its first US dollar fund on the table.
Led by founder Neil Shen, the firm is seeking at least $1.2B for an early-stage vehicle focused on AI, healthcare and consumer companies, according to people familiar with the matter. A growth fund and a separate Chinese yuan fund are also under consideration, and while China remains the focus, the firm stays open to global opportunities.
The raise would test market sentiment three years after the split, which came amid heightened US-China tensions. HSG manages more than $61B, has backed over 1,700 companies and counts more than 180 IPOs and over 140 unicorns among its outcomes.
Its early bets include ByteDance, JD.com and Shein, and it has since expanded into growth, buyout, infrastructure and public equities, taking majority stakes in Marshall Group and Golden Goose. AI portfolio companies include MiniMax, Z.ai and Moonshot AI, and Unitree Robotics – days from its Shanghai debut – is also backed by the firm.
The move comes as China-focused GPs rediscover fundraising, helped by open-source AI breakthroughs and an opening listing window at home.
