Venture Capital Firms Struggle to Raise Funds in China

When CMC Capital, a Shanghai-based venture capital and private equity firm, started raising a new fund from global investors in 2021, its target size of more than $1 billion didn’t seem ambitious. The amount was only a tad more than the firm’s previous fund of $950 million. And CMC’s founder, Li Ruigang, is a well-known media mogul, sometimes referred to as China’s Rupert Murdoch, who has a stake in the English Premier League soccer team Manchester City.

But two years …

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