This year, VCs are starting to raise funds in USD.

Author | FOFWEEKLY

In the spring of 2026, “U.S. dollar funds” began to return in an entirely new form.

“This is a big window this year—nobody wants to miss the opportunity.” an IR professional said with feeling.

Behind this remark is a subtle shift in the market right now—from the tentative interactions at the beginning of last year, to concrete fundraising actions this year. U.S. dollar fundraising is moving from “stirring” to taking “real money” action.

This year, more and more VCs have begun launching U.S. dollar fundraising rounds.

“The window period” is here

If 2025 was the “testing year” for U.S. dollar fundraising, then 2026 is undoubtedly the “head start year.”

Recently, an announcement about “the completion of the募集 (fundraising) of the first fund of Sourcecode Dynamix” sparked widespread attention in the industry. The fund behind it is a new fund that was started from within Sourcecode Capital and then spun out independently.

It is reported that the fund closed at a scale of over $150 million, exceeding the original target. The contributors include Middle Eastern sovereign funds, globally well-known fund-of-funds managers, multinational corporations, industrial investment parties, global family offices, and well-known entrepreneurs—multiple types of entities.

In fact, it’s not just Sourcecode.

An industry insider who has been奔波 on the front line of fundraising told us that this year, not only are many U.S. dollar funds starting new rounds, but many institutions with U.S. dollar DNA have also poured in, launching a new wave of fundraising.

One very clear feeling is that since last year, U.S. dollar fundraising has become lively.

On the one hand, toward the end of last year, multiple institutions completed sizable U.S. dollar fundraises. Monolith Capital launched and announced on November 11, 2025 that its U.S. dollar VC II and RMB VC I funds completed their final closing; the total scale of the bicurrency funds reached $488 million. Sourcecode Capital followed suit with an announcement that it completed fundraising for a new growth fund, with a total scale of $600 million. Then, in December, according to media reports, G&Y (Gao瓴) Capital launched a new round of fundraising for a U.S. dollar private equity fund, with a target scale of about $7 billion.

On the other hand, from the perspective of talent demand, U.S. dollar IR has started to become highly sought after.

Recently, Eden, a headhunter that focuses on the primary market, told us: “This year we’ve received many VC institution mandates. The hiring roles include U.S. dollar IR—some of these are key roles ‘restarted after being frozen for many years.’”

It is worth noting that this hiring rush is not only coming from U.S. dollar/bicurrency institutions. Many institutions that previously focused mainly on RMB funds have also started to lay out overseas business, adding new U.S. dollar IR roles in preparation for U.S. dollar fundraises. According to an insider, these institutions—or primarily—focus on emerging markets such as Southeast Asia and the Middle East.

Moreover, behind this wave of fundraising heat, besides policy tailwinds, there is another crucial variable—AI.

“Some projects are U.S. dollar-architecture from the start, such as going overseas and intelligent hardware. Some RMB funds don’t have a U.S. dollar architecture in the past, so when investing, they inevitably get constrained. Therefore, they must raise U.S. dollars to invest.” a technology-focused investor in the AI track said.

Another GP who is raising a U.S. dollar fund also said bluntly: “When we look at AI projects now, many of the future directions are targeting overseas expansion or hardware. If we invest with RMB, it will get troublesome later.”

For example, Sourcecode Dynamix’s new fund targets three major areas: AI infrastructure and applications, robotics and hardware, and global outbound expansion.

Meanwhile, as Hong Kong continues to receive positive developments, with “hundred-billion” guiding funds entering the market, many GPs have started going to Hong Kong for fundraising.

Recently, Zhongke Chuangxing announced that its first offshore currency fund completed its first close. The first-close investors include the Hong Kong University Entrepreneurship Engine Fund (EEF), BOCOM Investment, and Changfei Optic Fiber. The fund aims to target future industries, focusing on globally disruptive technologies and major original innovation achievements. It emphasizes the transformation of scientific and technological成果, and prioritizes world-leading technical teams in Hong Kong university and overseas R&D institutions, as well as globally hard-tech startups led by Chinese people under the AI wave, helping them achieve industrialization.

When tracks such as overseas expansion, AI, and intelligent hardware become the new favorites, projects that were structured with offshore currency architecture from the beginning are forcing GPs to once again embrace foreign capital.

Foreign LPs return

In 2026, tracks such as AI hardware and embodied intelligence will accelerate their breakout.

In Wang Chunjie, Managing Director at Shanyu Capital, view: “You can’t miss this AI run. Globally, a ‘Sino-U.S. dual strong’ pattern has formed. For foreign capital, the options are very clear: bet on one side, or bet on both sides.”

Undoubtedly, with the combined overlap of policy support and innovation leadership, the venture capital market is entering a new spring.

Behind this wave, a heat around foreign capital has already arrived—while GPs race to raise U.S. dollars, foreign LPs are also “coming back” through various paths.

According to the “LP Monthly Observation Report” recently published by FOFWEEKLY in 2026, “In February, the activity level of financial LP capital contributions increased by 17% month-over-month, and the contribution scale increased by 14% month-over-month. Among them, QFLP funds from overseas became an important incremental source for financial LPs that month.”

A head of strategic investment at a certain global biopharmaceutical giant also told us in conversation that they are re-examining opportunities in the China market.

They said: “In the past, the group mainly focused on Europe and the U.S. GP investments, but this year we hope to make breakthroughs in our China deployment—especially to cover some dark-horse GPs.”

In fact, foreign LP activity has not suddenly appeared only this year. If you look at 2025, foreign capital institutions had already begun conducting research on the China market in sequence, including certain funds that have landed. Meanwhile, multiple bicurrency institutions also began actively pushing for U.S. dollar fundraises at the beginning of last year, and placed high hopes on the return of foreign LPs. Entering 2026, the momentum for foreign capital to allocate to China remains strong—from family offices to sovereign wealth funds, and to major international industrial players—an increasing variety of capital is gradually flowing in.

Although the difficulty of U.S. dollar fundraising remains high, this year is undoubtedly a rare fundraising window. Whether it’s RMB or U.S. dollar funds.

This year, the market seems really different.

Conclusion

Without doubt, under the dual overlay of policy support and innovation leadership, in 2026, the venture capital market is entering a new spring.

When Singapore’s money, Middle East money, and Europe’s money flow back in again—and when the giants that once only invested in Europe and the U.S. start studying the list of China’s dark-horse GPs—this wave of U.S. dollar fundraising in 2026 is no longer just a simple “return,” but a “window period” battle that reshapes the landscape.

For GPs, this is a rare opportunity, and timing has become especially important.

This article only represents the author’s personal views