Palo Alto, CA-based venture capital firm Xiang He Partners raised $261m for its inaugural fund.
Per an SEC filing, 23 investors participated in the offering of Xiang He Fund I, L.P.
The final target of the fund has been fixed at $300m.
Led by Hesong Tang, a former venture partner at IDG Capital and former vice president at Baidu, Xiang He Partners focuses on the technology, media, and telecommunications (TMT) markets in China. Mr. Tang led Baidu’s M&A and investment strategy from 2009-2014, making deals such as 91 wireless, Qunar, iQiyi and PPS.