GSR closes $133m later-stage fund
VC firm GSR Ventures has closed its GSR Opportunities IV fund on $133 million. The vehicle will give existing LPs in GSR’s first four funds the chance to invest in follow-on rounds with top-performing investee companies.
Designed to enhance investor returns, the fund will concentrate on businesses that are deemed market leaders in multi-billion-dollar categories.
"Historically, eight-to-ten billion-dollar technology companies are created in China annually, and we believe that a number of them in the next few years will be in the GSR portfolio," said Richard Lim, co-founder and managing director of GSR Ventures. "With this fund, we are affording our existing investors the additional opportunity to participate in the growth of our portfolio companies as they mature."
He added that the vehicle was created in response to investor demand.
GSR, which focuses on early-stage technology deals in China, closed its substantially oversubscribed fourth fund at $350 million last July. Existing investors contributed over 80% of the capital, which took the firm's assets under management to more than $1 billion.
The Beijing-based fund has backed a number of high-profile companies and several of these went public last year. Current investments include Qunar, the travel website in which Baidu holds a majority stake, group-buying site Lashou, and SunSun Lightning, an LED developer and manufacturer.
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