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3C AGI Partners, founded by former SenseTime Group Inc managing director Esther Wong, is launching an AI venture fund backed by a Hong Kong family office, targeting up to $100 million by March after raising $50 million in November. The fund will focus on AI infrastructure, avoiding the overvalued application space.

While the initial 2023 fund targeted US companies, the new fund will adopt a broader 'US Plus' strategy, maintaining exposure to North American and global startups alongside Chinese investments. VMS Group, which manages over $4 billion and is affiliated with the Cheng family, supports the fund.

Investments from the first fund include AI chipmakers Cerebras Systems and Groq. The fund launch aligns with a resurgence in Asia's private equity market, driven by interest in generative AI and hardware.