(Yicai Global) Nov. 26 -- A partner of venture capital firm Sequoia China has recently set up a new fund manager that specializes in investments in technology, software and healthcare, tech website 36Kr reported today. Its first hedge fund in the tech sector has already raised USD500 million.

Cao Xi and Timothy Wang, a former partner of private equity firm Boyu Capital, have formed Monolith Management that will focus on investing in growth-stage projects in primary and secondary markets, the report said.

Monolith has already secured more than USD500 million from venture capital companies, new economy firms, well-known family-run offices and university endowment funds. No further details of investors were given.

Cao has been with Sequoia China for almost eight years and in 2018 he set up the Sequoia China Seed Fund. He has rich experience in early- and growth-stage projects such as video platform Kuaishou, livestreaming service Douyu and Tencent Holdings’ music streaming arm.

Wang oversaw Hong Kong-based Boyu Capital’s secondary market business and also used to work as a stock analyst at Goldman Sachs Hong Kong.

Editor: Kim Taylor