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China-focused Northern Light Looks to Raise $375m for New VC Fund

By DealStreetAsia / Sep 21, 2020 04:17 PM / Finance

Northern Light’s prominent portfolio companies include education technology firm VIPKid and mobile payment service provider LianLian, amongst others

Northern Light’s prominent portfolio companies include education technology firm VIPKid and mobile payment service provider LianLian, amongst others

Northern Light Venture Capital, a China-focused venture capital firm, is seeking to gather up to $375 million for a new VC fund, according to its latest US SEC filing.

The target for the latest fund — Northern Light Venture Fund VI — is lower than the $445 million that the previous fund raised in March 2019. The fifth fund had exceeded its $390 million target and gathered commitments from 23 investors. Fund IV had raised $400 million in 2015 while Fund III secured $400 million in 2011.

Separately, Northern Light filed to raise $10 million for another VC fund, Northern Light Partners Fund VI.

The SEC filing identified Jeffrey Lee, Northern Light’s managing director and CFO, as general partner of both the new funds. Lee has been involved in technology venture capital and entrepreneurship for 20 years, primarily focused on North Asia. He co-founded Northern Light Venture Capital in 2005.

Northern Light focuses on early- and growth-stage opportunities in IT, new media, TMT, clean technologies, consumer service, and healthcare. It managed approximately $1.5 billion in committed capital prior to the close of the latest fund.

Since its inception, Northern Light has backed over 200 ventures, with 70 per cent A-round investments, 20 per cent Series B, and about 10 per cent in seed-stage investments.

Among its key focus sectors are interactive entertainment, marketplaces, intelligent solutions, industry verticals, and enterprise solutions, AI and robotics, energy technology, new materials, cleantech, automated equipment, components, and subsystems.

Northern Light’s prominent portfolio companies include, Chinese mobile payment service provider LianLian, online platform for baby products Beibei, and education technology firm VIPKid.

In the second quarter of this year, five Southeast Asia-focused funds secured a final close, raising a total of $1.1 billion. DealStreetAsia’s latest research and analytics report show that VC fundraising during the quarter weakened as a result of pandemic-induced national lockdowns in the region.

As of August, 45 SEA-based VCs and 11 VCs outside the region are in the market to raise a total of $5.6 billion for Southeast Asia, of which $1.4 billion has been secured so far.

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