HSG’s continuation fund to value ByteDance at up to $370 billion: Report

Venture capital firm HSG, formerly Sequoia Capital China, ⁠is raising a continuation fund that will take over some of its ByteDance shares at a valuation of between $350 billion and $370 billion, two people with knowledge of the matter said.

A continuation fund (CV) is a new vehicle floated by a private equity firm to transfer holdings of existing investments. The valuation ‌is above the ‌level implied by recent share buybacks by TikTok owner ByteDance, but below that signalled by a November stake purchase.