GGV reaches final close at $625m on fourth fund

The new vehicle is larger its predecessor, Granite Global Ventures III, which raised $610 million in 2008, and takes the GP's total capital under management to more than $1.6 billion.

GGV, which has offices in Silicon Valley, Beijing, Shanghai and Singapore, will continue its practice of investing $5-25 million in early- and growth-stage companies across the internet and digital media, cloud computing and mobile industries in the US, as well as the consumer sector in China. Notable exits of Chinese portfolio companies include Alibaba.com, AAC Acoustic Technologies, 21Vianet, Tudou and HiSoft Technology.

Investors in GGV's previous fund include California Public Employees' Retirement System (CalPERS), Quartilium and the State Universities Retirement System of Illinois. Neuberger Berman has been confirmed as one of the LPs in the new vehicle.

"GGV redefined the concept of a US-China firm. It is extremely challenging to do what the GGV team does - execute across the US and China," said Brien Smith, managing director at Neuberger Berman. "GGV's long history of success and strong reputation for partnering with top entrepreneurs in both markets set the firm up well for future success."

Earlier this week, regulatory filings revealed that GGV had attracted $508.9 million for GGV Capital IV, plus a further $10.8 million for a side vehicle known as GGV Capital IV Entrepreneurs Fund. It is unclear whether the $520 million figure cited includes the side vehicle or incorporates additional commitments to the main fund.

There was also a side vehicle to Granite Global Ventures III - the GGV III Entrepreneurs Fund, worth $9.55 million.

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• Topics
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• Greater China
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• GGV Capital