A group of China private equity investors set aside $400m to pour into early investments in new US businesses, marking a large rise in the amount of capital chasing seed investments.
The investment vehicle represents a step up from an earlier $25m fund raised to back investments through AngelList, an internet-based service for organising seed investments.
Interest in backing high-growth tech start-ups has brought large amounts of money to established private companies that have proved they have a workable model.
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