HSG Plans $1.2B Fundraise for First Post-Split Dollar Fund

The fundraise matters less as a headline number than as a test of whether the post-split entity can still command dollar-denominated LP capital under its own brand, at a moment when China-linked venture platforms face heightened scrutiny. If it clears, it signals that allocator appetite for crypto and technology exposure is surviving both the split and the broader risk-off mood. The open question is whether the dollar vehicle becomes a template for peers navigating similar separations, and how much of the crypto allocation is genuinely new capital versus repositioned exposure.