HSG, formerly Sequoia China, is in preliminary talks with investors to raise at least $1.2 billion for an early-stage U.S. dollar fund, its first such vehicle since the Sequoia network split and the China arm rebranded. The fund would back AI, healthcare and consumer companies, while the firm is also considering a growth fund and a renminbi-denominated fund, with timing and size still undecided. The fundraising will test the market appeal of the China-focused investment house, which has been led by Shen Nanpeng since 2005 and has backed AI startups including Unitree Robotics, MiniMax and Moonshot AI. As of January 2025, HSG managed about $55 billion in assets, had invested in more than 1,700 companies and counted at least 180 portfolio companies that had gone public.