Neil Shen’s HongShan has struggled to invest its $9bn cash pile in a weak domestic market and tough US controls
Sequoia Capital’s former China unit has accelerated its push for global deals, investing in celebrity-backed start-ups such as Kylie Jenner’s Vodka seltzer company, as it struggles to deploy its $9bn cash pile in a sluggish domestic market and tightening US controls. HongShan, which split off last year from one of the world’s largest venture capital firms amid rising geopolitical tensions, has ratcheted up its hunt for deals in Europe and North Asia after facing shrinking options in China.
In general, LPs are keen to see early deployment because it gives more time for the companies to grow in value and for the funds to recoup their investment through IPOs or mergers. LPs typically still have to pay management fees on capital that has not yet been called. Other US backers of HongShan are more sanguine about the pace of dealmaking. “I’ve been an investor with Neil and the team from the beginning.
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