GSR Ventures, a backer of Chinese social media app RedNote, is seeking to raise a new $350m fund focused on China’s venture capital market, with the firm indicating that potential investors may gain exposure to RedNote shares through GSR’s existing fund, according to a report by Bloomberg.
The process could also provide liquidity options for investors in GSR’s current fund backing RedNote, which is now more than a decade old. RedNote is currently valued at approximately $50bn within GSR’s existing fund portfolio, representing a 61% increase from the company’s $31bn valuation in a secondary transaction completed during the first half of 2025.
Founded in 2013 by Charlwin Mao Wenchao and Miranda Qu Fang, RedNote has emerged as one of China’s largest social commerce and lifestyle platforms, attracting renewed investor attention amid improving sentiment towards the country’s technology sector.
The fundraising effort comes as a growing number of China-focused venture capital and private equity firms return to the market after several years of subdued activity following Beijing’s regulatory crackdown on technology companies and weaker global investor appetite for Chinese assets.
Firms including IDG Capital, BAI Capital, Hillhouse Investment, and Primavera Capital are also understood to be pursuing fresh capital commitments.
