GGV targets $500m for new Sino-US fund

A close on its new fund is expected in the first half of this year, people familiar with the situation told AVCJ. It is expected to invest in companies based in China and the US.

GGV, formerly known as Granite Global Ventures, reached a final close of $625 million on its fourth fund in August 2012. This included RMB650 million ($105 million) on top of the $520 million raised from US investors.

The firm 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.

Founded in 2000, GGV has completed 120 investments, typically committing $5-25 million to expansion stage companies. It has offices in Silicon Valley, Beijing, Shanghai and Singapore.

In October, GGV hired Hans Tung, formerly Beijing managing partner at Qiming Venture Partners, to become a partner in the firm. He is based in Silicon Valley but is part of GGV's single team that invests across the US and China.

The VC firm has appointed UBS as a placement agent for the new fund.

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• Topics
• Greater China
• Fundraising
• Venture
• China
• GGV Capital
• Fundraising
• Venture