TMCnet News
GGV Capital Closes $1.88 Billion in New FundsMENLO PARK, Calif. and SHANGHAI, Oct. 16, 2018 /PRNewswire/ -- Global venture capital firm GGV Capital (GGV) today announced the close of its new funds totaling $1.88 billion. The new funds include $1.36 billion in the firm's main funds, GGV Capital VII and VII Plus, $460 million in GGV Discovery II focused on seed and early-stage opportunities, and $60 million in the GGV Capital VII Entrepreneurs Fund consisting largely of company founders as LPs. Together these funds mark the continuation of GGV's multi-stage, sector-focused investment strategy in leading global technology companies by a single U.S./China investment team. GGV's global playbook is centered on three core tenets. First, the GGV team invests in founders with companies at all stages of growth, emphasizing early stage through its Discovery fund. Second, the GGV team is aligned by sector, rather than geography to ensure value creation across key markets. Finally, the team identifies global trends such as mobility and new retail then invests in local founders to build market-leading companies, including Grab, Hashicorp, Houzz, Keep, Niu, Opendoor, Poshmark, Wish and Xiaohongshu (Little Red Book). "We are impressed with GGV's unique cross-border investment strategy, which they have successfully executed over the past 18 years. They consistently attract the best entrepreneurs globally who actively seek GGV as their partner of choice," said Nicholas Kong, CIO, National University of Singapore Endowment. Since its formation in 2000, GGV funds have consistently performed in the top quartile for venture capital and private equity globally, generating an IRR of more than 25%. The firm has invested in 51 market leaders across the U.S. and China that have grown to $1+ billion in valuation; half of these were Series B or earlier stage companies at the time of initial investment. In addition, 25 of these companies are now public, such as Alibaba, Square, YY, Zendesk and 21Vianet. GGV continues its strong pace of distribution with more than $1 billion returned to LPs in 2017 and 2018 to date. "What we like most about GGV is the firm's consistent and unified approach to the two largest venture capital markets globally – the U.S. and China. We believe these markets will continue to produce the world's leading technology companies and that GGV will continue to be a trusted partner to many of them," said David Chu, Senior Investment Officer of LACERA, a long-time limited partner of GGV. The managing partners of the new funds are Jixun Foo, Jenny Lee, Hans Tung, Glenn Solomon, Jeff Richards, andEric Xu. The team has decades of experience working with first-time founders as well as established leaders. Their connections to robust local ecosystems and talent networks, proven "go global" track records, and commitment to leadership development helps founders navigate complex challenges as their companies grow. The closing of these funds follows GGV's announcement earlier this year of the close of its third Chinese RMB fund, in the amount of 1.5 billion RMB (approximately $225 million). This increases the firm's total capital under management to approximately $6.2 billion across 13 funds. "GGV is one of Northwestern's most valued relationships. Their ability to work as one team across borders in China and the U.S. is seamless and unrivaled. We look forward to continuing our long-term partnership with GGV with commitments to the new funds," said Harisha Haigh, Managing Director, Northwestern University. "We are excited and humbled by the support of new and longstanding partners such as CalSTRS, Oregon Public Employees Retirement Fund, Rockefeller Foundation and University of Texas Investment Management Company. We also want to thank the founders and CEOs we work with for their dedication to building extraordinary companies, enabling the GGV team to continue to do what we love – support entrepreneurs and their vision to change the world," said Jenny Lee, Managing Partner, GGV Capital. Founder Perspectives Yi Wang, Founder and CEO, LingoChamp (NYSE: LAIX) Mitchell Hashimoto, Co-founder and Co-CTO, Hashicorp Anthony Tan, Founder and CEO, Grab Eduardo Musa, Founder and CEO, Yellow Chris Barbin, Founder and CEO, Appirio Jian LV, Founder and CEO, Zhaoyou About GGV Capital
View original content to download multimedia:http://www.prnewswire.com/news-releases/ggv-capital-closes-1-88-billion-in-new-funds-300731672.html SOURCE GGV Capital |