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Peak XV Partners To Collaborate With HongShan: Report

In an attempt to invest in the Southeast Asian region, HongShan may leverage its office and base in the city-state

Peak XV Partners To Collaborate With HongShan: Report
POSTED ON July 11, 2023 11:31 AM

Peak XV Partners (the Indian and Southeast Asian entity of Sequoia Capital) is reportedly exploring the opportunity to collaborate with HongShan (the Chinese entity of the global venture capital firm), which recently opened its office in Singapore. 

In an attempt to invest in the Southeast Asian region, HongShan may leverage its office and base in the city-state, a report by the Financial Times noted. 

Last month, Sequoia Capital announced a three-way split of its global business, which led to the separation of the Silicon Valley Headquartered firm’s US, China and India and Southeast Asia operations. The Chinese entity was rebranded as HongShan and Sequoia India and Southeast Asia was renamed Peak XV Partners. 

The entire spin-off process for all units is expected to be completed before March 2023. 

In the past 17 years, PeakXV raised 13 funds and invested in 400 start-ups. Its portfolio includes 50 companies with a valuation of $ 1 billion. 

The entry of Hongshan into the Southeast Asian Region can lead to fierce competition with Peak XV Partners. However, the business entity believes that the chances of collaboration between two affiliates are much higher than the competition. When asked, a PeakXV spokesperson told The Economic Times (ET), “We operate in an industry where we both compete and collaborate with other venture firms. We are constantly working alongside other venture firms to support founders across every stage of their journey.”

“We have a very strong and collaborative relationship with the HongShan team and deep friendships with many of the partners,” she added. 
 

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