This Hedge Fund's Venture Capital Push Reaped 27-Fold Gains
- ChinaRock’s first two funds returned more than $1.3 billion
- Money manager raised $158 million for early-stage investments
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ChinaRock Capital Management has rewarded investors in its five-year-old venture capital fund with 27 times their initial outlays by scoring huge returns from financing start-ups involved in everything from artificial intelligence to ride sharing.
The $37.5 million CRCM Opportunity fund has distributed more than $1 billion since it was set up in 2013, Toby Zhang, a venture capital partner of ChinaRock, said by telephone from San Francisco. An earlier venture capital fund returned more than $300 million.