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GGV receives commitments of $509m for fund IV

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GGV Capital, the US and China-focused venture capital investor, has raised $508.9 million for its fourth fund. In addition to the main fund, the VC firm has attracted $10.8 million for a side vehicle known as GGV Capital IV Entrepreneurs Fund.

According to regulatory filings, there are 54 LPs in GGV Capital IV and 89 in the side fund.

GGV, formerly known as Granite Global Ventures, was founded in 2000. It last came to the market in early 2006 with Granite Global Ventures III, which reached a first close of $400 million within 10 months and achieved a final close of $610 million in March 2008. Investors included California Public Employees' Retirement System (CalPERS), Quartilium and the State Universities Retirement System of Illinois.

There was also a side vehicle, the GGV III Entrepreneurs Fund, worth $9.55 million.

GGV has offices in Silicon Valley, Beijing, Shanghai and Singapore. It typically invests $5-25 million in expansion stage companies through growth equity, but has also used financing structures such as convertible debt, founder liquidity, corporate divestitures and PIPE deals.

Notable exits of Chinese portfolio companies include Alibaba.com, AAC Acoustic Technologies, 21Vianet, Tudou and HiSoft Technology.

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