HSG plans continuation fund valuing ByteDance at up to $370bn

HSG is preparing a continuation vehicle that would value ByteDance at up to $370bn, highlighting the growing use of secondary structures to extend exposure to high-performing private assets.

The venture capital firm, formerly known as Sequoia Capital China, plans to transfer part of its ByteDance holding into a new continuation fund.

The valuation range of $350bn to $370bn exceeds levels implied by recent employee share buybacks, but remains below a $480bn valuation seen in a November secondary transaction.

HSG owns just over 11% of ByteDanc…