https://techcrunch.com/2022/07/24/bertelsmann-asia-bai-capital-700-million-fund/

BAI Capital, the storied China-focused venture investment firm that was formerly known as Bertelsmann Asia Investments, has raised $700 million to back Chinese companies that are part of the country’s structural reform as well as those expanding overseas.

The announcement follows on the heels of the closing of several other big-ticket funds, quelling speculation that foreign capital for Chinese tech is drying up amid a slowing economy. Sequoia Capital China recently snagged $7 billion to bet on Chinese tech companies at all stages. Qiming Ventures raised $3.2 billion. And IDG Capital banked $900 million.