GGV closes latest US dollar funds at $2.5b
GGV Capital has closed its latest set of US dollar-denominated funds with $2.52 billion in aggregate commitments. It represents the largest fundraising since the firm’s inception in 2000.
The Sino-US venture capital firm’s prior US dollar vintage - which comprised three funds - closed at $1.88 billion in 2018. It takes total assets under management to about $9.2 billion across 17 US dollar and renminbi funds.
GGV Capital VIII, the main US dollar vehicle, has a corpus of $1.46 billion. It is supplemented by GGV Capital VIII Plus, a top-up vehicle of $366 million, and Entrepreneur VIII, an $80 million fund through which members of the GGV network - primarily start-up founders - can get exposure to deals. Beyond that, there is $610 million for Discovery III, a global investment vehicle.
At the same time, GGV announced it was nearing a final close of RMB3.4 billion ($525 million) on its second renminbi fund. It will target Chinese companies from early through late stages.
GGV has invested 424 companies in total. According to a disclosure made last year by the Rhode Island State Investment Commission, GGV has delivered a gross IRR of more than 25% and a net IRR of more than 17% across all investments since inception.
The firm has approximately 100 employees worldwide. The investment team includes six managing partners and 24 additional team members. GGV also has a mid-office service team comprising 16 people who provide support in areas such as operations, marketing, government relations, as well as financial and legal affairs.
The strategy for the new funds remains the same: social and internet, which ranges from online marketplaces to education to shared economy; enterprise technology, including cloud services and enterprise technology; and smart technology, which covers smart cities, artificial intelligence, 5G, and automation.
GGV claims that 11 portfolio companies have listed in the last 15 months, among them Australia-founded e-commerce software provider BigCommerce, Chinese electric vehicle manufacturer Xpeng and Chinese drone maker Ehang.
Speaking at an industry event last week, Jenny Lee, one of the firm's managing partners, offered insights into COVID-19 operations. GGV allows employees to recreate their office cubicles at home and arranges food delivery for those in late meetings.
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