Bejing-based venture capital firm Hillhouse Capital announced that it has set up a new fund called GL Ventures, which will manage about RMB 10 billion (USD 1.4 billion) capital to support early-stage startups, online news portal Tencent Tech reported on Monday.
The fund, with both RMB-denominated capital and USD-denominated capital, will participate on RMB 3 million to USD 30 million rounds of early-stage firms doing business in four areas: biomedicine and medical equipment; software as a service (SaaS) and primary technology innovation; consumer internet and technologies; and emerging consumer brands and services.
The new fund comes at a time when China’s economy is being ravaged by the novel coronavirus and startups are facing a life-or-death test. “We will always remain optimistic about the development of China and the world”, said Hillhouse founder and CEO Zhang Lei, as reported by Tencent Tech.