Lightspeed China Partners
Also known as Luminous Ventures, LCP
Shanghai, China Founded 2011 lightspeedchina.com
Lightspeed China Partners’s latest fund is Lightspeed China Partners V + Select II: $920M, 2021, #61 of 427 firms by latest fund.
The numbers
| Year | Raised |
|---|---|
| 2019 | $560M |
| 2021 | $920M |
Updates from Lightspeed China Partners
Overview
Crunchbase lists the firm as Luminous Ventures (former Lightspeed China Partners); rebrand details not independently verified. Founded year from general knowledge (first fund closed 2013). Website domain not verified.
Funds
| Fund | Closed | Size | Source |
|---|---|---|---|
| Lightspeed China Partners V + Select II | 2021 | $920M | businesswire.com |
| Lightspeed China Partners IV + Select I | 2019 | $560M | cooley.com |
LPs on the record
2 LPs report holding Lightspeed China Partners’s funds.
Find LPs that back firms like this one in Hottub’s LP Intelligence: ranked by overlap, with what each holds and how to reach it.
Reported fund performance
As reported by public LPs that invested in these funds, net of fees. “Versus vintage” ranks each fund against every other fund of the same vintage in that LP’s report, mostly private equity and venture funds. Open a fund for its cash flows and full peer ranking.
| Fund | Vintage | Net IRR | Versus vintage (IRR) | TVPI | DPI | Reported by |
|---|---|---|---|---|---|---|
| Lightspeed China Partners IV | 2019 | N/M | — | — | Alaska Permanent Fund Corporation (APFC) | |
| Lightspeed China Partners Select I | 2019 | N/M | — | — | Alaska Permanent Fund Corporation (APFC) |
Alaska Permanent Fund Corporation (APFC): APFC Private Equity Report: Private Equity Fund Commitments & Direct Investments / Co-Investments, as of December 31, 2025. APFC's quarterly Private Equity report ("Private Equity Fund Commitments & Direct Investments / Co-Investments") lists each fund with only its currency, "Vintage Year" and "Commitment (USD)", shown here in whole US dollars as printed. It reports no contributions, distributions, market value, multiple or IRR per fund, so paid-in, distributed, total value, IRR, TVPI and DPI are blank; nothing is derived or estimated. All 454 entries of the report's "Fund Investments" list are included ($17,570,561,197 committed); 15 have the vintage year "TBD" (blank here) and 45 are commitments in another currency that APFC states in US dollars. The report's separate "Direct Investments / Co-Investments" list (56 entries, $2,792,151,600: portfolio companies, co-investment vehicles and manager stakes) is not imported. The two lists add up to the report's printed Total Commitments of $20,362,712,795. For the whole portfolio, including liquidated investments, the report prints Cumulative Contributions of $20,951,089,446, Cumulative Distributions of $22,493,801,627 and a Remaining Fair Market Value of $15,555,575,745. APFC is a state-owned corporation that manages the Alaska Permanent Fund, not a pension plan; its separate Private Income report is not imported. View source
About this data
Fund sizes come from firm announcements, SEC filings, and press reports, converted to US dollars near the closing date. Compiled as of October 9, 2026. Notable portfolio companies are examples from public sources, not a complete list.