Tencent Holdings Ltd.’s investment team is in discussions to raise a new dollar-denominated fund of at least $650 million, according to people familiar with the matter.
China’s largest gaming and social media giant has begun negotiations with limited partners and family offices on a new round of funding surpassing the $600 million raised last year, the people said, requesting not to be named because the matter is private. The money is earmarked for existing startups in its portfolio, although it hasn’t decided on a final amount as it’s still gauging investor appetite, the people added.
