Xiaomi backer closes $2bn worth of dollar and yuan funds

Shanghai-based 5Y Capital holds shares in Trip.com, SenseTime, Xpeng and other heavyweights.   © Reuters EUDORA WANG, DealStreetAsiaApril 18, 2021 10:13 JST | ChinaHONG KONG — 5Y Capital, a Chinese venture capital firm that has backed smartphone brand Xiaomi and short-video app Kuaishou, has closed an unspecified number of dollar- and yuan-denominated funds totaling more than 13 billion yuan ($2 billion).5Y Capital did not disclose details such as the number and names of its newly closed funds, nor their respective sizes. It did not immediately respond to DealStreetAsia’s request for comments.This fundraising “significantly exceeded the firm’s original target and hit the hard caps in a very short time after initial launch,” the firm said Monday on LinkedIn. Investors include new and existing long-term limited partners from China and elsewhere, it said.The latest U.S. dollar funds alone, which include 5Y Capital’s early-stage venture fund and its first-ever growth fund, brought in over $1.7 billion.Formerly known as Morningside Venture Capital, 5Y Capital was launched amid the 2008 financial crisis by Richard Liu, Ken Shi, and Gerald Chan under the auspices of Hong Kong property mogul Ronnie Chan’s Morningside Group. It later spun off and set up the Morningside TMT fund series, with Morningside Group remaining…
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