China’s investment environment might have chilled in the past six months, but that hasn’t stopped IDG Capital Partners and Breyer Capital from teaming up to raise one of the largest VC funds in the country.

The $1 billion USD IDG Capital Fund III will target growth stage startups in technology, healthcare, media and energy, according to a joint announcement. The fund is seeking to invest in local startups as well as startups entering the Chinese market.

“China continues to represent tremendous long-term investment opportunities,” said veteran investor and Breyer Capital founder Jim Breyer. “Particularly in companies applying machine-learning and artificial intelligence to revolutionize a multitude of industries.”

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com