IDG Capital to raise $589 mln fifth Chinese venture capital fund

IDG Capital has set out to raise a $589 million fifth Chinese venture capital fund, according to a filing with the SEC.

No first close on IDG China Venture Capital Fund V was reported. IDG Capital has invested in Chinese technology since the 1990s, according to its website, including search engine Baidu and film studio Legendary Pictures.

The filing can be found here.