China's largest venture capital firms are setting up new dollar-denominated funds to attract at least $2 billion in foreign investment into Chinese companies, Bloomberg News reported, citing people familiar with the matter.

Among them is LightSpeed China Partners, which is targeting at least $400 million. LightSpeed was an early backer of Meituan (HKG:3690) and PDD, the report said.

Monolith Management, an investor in MoonShot AI, is aiming to launch a second fund worth $265 million, while Ince Capital is seeking $200 million, the news agency reported.

Source Code Capital, known for its stake in ByteDance, is targeting $150 million, and Ba Capital, an investor in Pop Mart (HKG:9992) and Laopu Gold (HKG:6181), is also aiming to raise $150 million, Bloomberg said.

The fundraising push comes as global investors reassess China's startup landscape and signals a post-COVID-19 rebound, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)