(Bloomberg) — 5Y Capital, the venture firm that delivered a $30 billion return on its investment in Chinese short-video app Kuaishou, is seeking to raise another fund to bet on a new generation of startups, according to people familiar with the matter.
One of the earliest investors in Kuaishou, 5Y Capital is planning to raise at least $1 billion, the people said, asking not to be named because the matter is private. A representative for the firm declined to comment.
Before its Kuaishou windfall, 5Y Capital was best known for generating an 866-fold gain from its bet on smartphone maker Xiaomi Corp.
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