Chinese VC Dollar Fundraising Plans Surge to $35B Across 60 New Funds

After three years of low activity, Chinese VCs plan to raise $35B across 60 new dollar funds, driven by renewed interest in AI and tech sectors.

Woofun AI data shows that at least 60 new dollar-denominated funds are planning to raise approximately $35 billion, with roughly 40 classified as venture capital vehicles. Firms including HSG, IDG Capital, Matrix Partners China, and Ming Shi Capital are promoting or preparing for fundraising, while Zhenge Fund and Qiming Venture Partners have recently completed raises.

Investor focus has shifted toward Chinese technology due to successful listings of Zhipu and MiniMax, alongside progress in DeepSeek, robotics, and Moonlight's Dark Side. Some investors view Chinese AI allocation as a hedge against U.S. market risks, citing cost competitiveness.

However, this activity represents a selective restart after three years of lows rather than a return to prosperity. Preqin data indicates a drop from 1,105 funds raising $150 billion in 2022 to only 97 funds raising $13.6 billion in 2025. U.S. investors remain cautious due to sensitive technology restrictions, while European and Middle Eastern capital shows stronger interest. Investors are demanding more co-investment rights and higher manager capital commitments in this buyer's market, with capital concentrating on limited high-confidence AI projects.