Hong Kong-based venture capital firm MindWorks Capital has finalized a new fund worth US$220 million aimed at investing in startups across the Greater Bay Area and Asia.

With this new fund, MindWorks now manages a total of US$1.4 billion in assets.

MindWorks’ new fund plans to invest in technology start-ups in sectors including cross-border logistics, finance, and smart manufacturing.

Investors in the fund include a mix of sovereign wealth funds, university endowments, asset managers, family offices, and entrepreneurs from Asia’s emerging economies.

However, the firm’s fresh fund contrasts with the recent decline in investments in Chinese startups.

A note from Gavekal Research reported zero US dollar inflows into China-based venture capital and private equity funds during the first half of 2024.

This follows a decline in fundraising, which plunged to just US$3.4 billion in the second quarter.