In brief: Grab, Ucommune backer raises $500m to invest in later-stage firms

Venture capital fund All-Stars Investment has raised US$500 million to expand its portfolio of startups.

The Hong Kong-based company’s latest investments include co-working space operator Ucommune, AI startup SenseTime, and ride-hailing giant Grab.

All-Stars focuses on “category leaders,” so it will continue to invest in later-stage investments, said co-founder Richard Ji.

This comes as total investments from Chinese VC funds and private equity firms have declined by 67.5 percent to US$4.4 billion last month.