Monolith Management has reached the final closes of its second US dollar fund and maiden Chinese yuan fund, with total commitments to the two new vehicles reaching $488 million, the China-focused investment firm announced on Tuesday.
The technology-dedicated investment management firm operating from offices in Beijing, Shanghai, and Hong Kong said in a statement that its two new funds had been significantly oversubscribed, with limited partners (LPs) intending to commit about $630 million across the two funds. But it decided to stay disciplined and capped the fundraising total at $488 million.
Monolith did not disclose how much it raised separately for the two new funds, but it said its total assets under management (AUM) have now crossed 10 billion yuan ($1.4 billion).
The second flagship USD venture capital (VC) fund, named “Monolith Venture Fund II,” targeted to raise $289 million, according to a filing with the US Securities and Exchange Commission (SEC) on October 3.
Together, the two funds will continue Monolith’s focus on early-stage artificial intelligence (AI) startups, covering agentic AI applications, AI models and infrastructures, as well as AI hardware, including embodied intelligence, said the firm.
Founded in November 2021, Monolith is led by founders and managing partners Cao Xi, a former partner of China-focused VC powerhouse HongShan; and ex-Boyu Capital’s partner Tim Wang, who has extensive experience in public equity investments in the tech and consumer sectors.
Monolith Venture Fund I, which had targeted $250 million, was closed around mid-2023 reportedly at $264 million.
The past two years have seen Monolith invest heavily in the AI sector to build a portfolio including DeepSeek-rival MoonShot AI; AI education startup AITutor; robotic pool cleaner and vacuum brand Beatbot; and JOYIN, which develops embodied intelligence primarily for household use.
Its RMB investments include MetaX Integrated Circuit, a graphics processing unit (GPU) developer that received approval this October for an initial public offering (IPO) on Shanghai’s STAR Market.
Besides VC investments, Monolith also invests in global public equities with a focus on technology, software, life sciences, and consumer sectors, alongside selective growth- and late-stage projects in private markets, according to its website.
