GGV closes $457m China top-up fund
GGV Capital has raised a $457 million top-up fund for follow-on investments in existing portfolio companies.
The GGV Capital Select, which initially targeted $450 million, came several months after the Sino-US venture firm closed its latest main fund - GGV Capital V - at $620 million. Los Angeles County Employees Retirement Association (LACERA) committed $75 million to the top-up fund, after investing $100 million in the main fund.
GGV Capital Select will make investments of $20-$50 million, targeting portfolio companies from the fourth and fifth funds.
"This fund will allow us to invest even more in highly successful companies with whom we partner, and take advantage of opportunities in which our other funds may not be structured to participate," the firm said in a statement.
GGV, which has $2.7 billion in assets under management, 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.
Eighteen GGV portfolio companies have completed IPOs since 2010, including China-focused players Qunar, Tudou, YY, and Alibaba - in which GGV invested in 2002.
Several Chinese VC firms have raised top-up funds as certain Chinese technology companies are raising ever-larger private rounds at ever-higher valuations. Earlier this month, Banyan Capital closed its co-investment fund at $100 million. Last month, Qiming Venture Partners raised $75 million annex vehicle on top of its third US dollar fund for follow-on investments in existing portfolio companies.
An annex vehicle is distinct from an opportunity fund, which is usually raised in parallel with or shortly after the main fund, and targets later-stage investments, often in existing portfolio companies.
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