GGV reaches $622m final close on Fund V - Update

The fundraise brings GGV's total capital under management to more than $2.2 billion.

AVCJ understands that the institutional tranche of GGV Capital V came to the hard cap of $600 million, with the entrepreneurs fund - a side vehicle comprising contributions from the GP and business associates - making up the balance. 

The fund, which launched in February with a target of $500 million, follows a similar structure to its 2011 vintage predecessor. GGV Capital IV raised $509 million from institutional investors plus an entrepreneurs fund contribution of $10.8 million. Subsequent to that, the VC firm announced it had raised an additional RMB650 million ($105 million) from Chinese investors, taking the total to $625 million.

Fund III closed at $610 million, including the entrepreneurs fund contribution, in 2008, having upsized from an initial $400 million raised in 2006.

LPs in Fund V include University of California Regents and University of Texas Investment Management Company. The former is also an investor in Fund IV while the latter represents a new relationship.

"GGV defined the concept of a US-China venture capital firm," said Tim Recker, managing director of the University of California Regents, in a statement. "The GGV team is at the forefront of technology and innovation happening across these two very important markets, and we are pleased to be investing again with the GGV team in Fund V."

GGV was founded in 2000 and has offices in Silicon Valley and Shanghai. It invests in early- and growth-stage companies across the internet and digital media, cloud computing and mobile industries in the US and China. It typically leads expansion rounds of financing worth $5-25 million.

Sixteen GGV portoflio companies have completed IPOs across six exchanges since 2010, including China-focused players Qunar, Tudou and YY. Alibaba - in which GGV invested in 2002 - and Chukong Technologies have recently filed for public offerings.

The firm's managing partners are Jixun Foo, Jenny Lee, Hany Nada, Jeff Richards, Glenn Solomon and Hans Tung. Tung joined last year from Qiming Venture Partners where he was Beijing managing partner. GGV also hired David Zhu, former COO of Chinese internet giant Baidu, as a venture partner.

UBS acted as placement agent for Fund V.

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