Sinovation Ventures raises $362m

The Beijing-based investment firm closes its third CNY-denominated venture capital fund.

Sinovation Ventures held a final close for Sinovation Ventures Smart Investment Fund at CNY2.5 billion ($361.6 million; €321.8 million). The vehicle will primarily focus on TMT, financial services, retail sectors in China.

The firm is now managing four USD funds and three CNY funds. The total capital raised for the funds is CNY15 billion ($2.17 billion; €1.93 billion).