Source Code Capital closes third fund with $260m hard cap

Chinese early-stage venture firm Source Code Capital has reached a final close of its third US dollar fund at a $260m hard cap.

The Beijing-based firm closed its previous US dollar fund at $150m in February 2015 and its first in September 2014.

The new fund counts US charities, pension funds, fund of funds and family foundations as limited partners.

So far this year its FinTech investments include participation in consumer lender Yongqianbao’s $67.7m Series C round and rural internet finance services platform Nongfenqi $14m Series B.

Source Code claims in the three years since the fund launched it has backed 80 business, 25 of which are valued at more than $100m.

In addition to the new dollar fund, Source Code has also closed its third Chinese yuan fund at ¥1.5bn ($225m). It’s previous yuan fund closed with ¥200m ($29m) in 2015.

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