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HSG Closes $3 Billion Fund on ByteDance Holdings

HSG, the investment firm formerly known as Sequoia Capital China, has closed a $3 billion continuation fund anchored by its ByteDance stake. The vehicle enables certain U.S. investors to exit the investment in the Chinese technology company, which has faced increased regulatory scrutiny from U.S. authorities. HSG structured the continuation vehicle to manage this capital transition in China-focused investing, demonstrating ongoing investor appetite for Chinese technology assets despite geopolitical complexities.