The Chinese affiliate of Sequoia Capital, whose vast portfolio includes TikTok owner ByteDance and online fashion startup Shein, is in early talks with U.S.-based and other institutional investors to raise more than $8 billion across four new funds, according to three people familiar with the matter. It is trying to pull off one of the biggest fundraisings in the history of Chinese venture capital despite a global tech stock rout and domestic regulatory actions that hit Chinese public and private companies particularly hard.

Sequoia China’s previously unreported fundraising would provide the country’s biggest VC firm, in terms of assets managed, with fresh capital to invest in everything from the youngest startups to multibillion-dollar firms. The four new funds would include a seed fund for early-stage deals, a venture fund for slightly older startups, and two funds for more mature private companies. The talks are still ongoing and the size of the fundraising could change, the people said.