Gate News message, April 28 — Chinese venture capital firms have recently adopted parallel fund structures to raise capital from US investors while circumventing Washington's outbound investment restrictions on Chinese AI and advanced chip sectors.
ZhenFund, a Beijing-based early-stage investor, established separate vehicles for US backers and other limited partners as it targets approximately $300 million. Luminous Ventures employed a similar structure for its US dollar fund, which closed this month at $460 million. Preqin data shows China-focused deal value reached $178.6 billion in 2025, demonstrating the continued scale of venture investment activity in the region despite regulatory headwinds.
