GGV Capital closed on a total of $1.2 billion for four new venture capital funds, said Christine Hinton, vice president of marketing.
GGV Capital raised a total of $900 million for its early-stage main funds — $675 million for GGV Capital VI and $225 million for GGV Capital VI Plus. It also raised $250 million for GGV Discover I and $50 million for GGV VI Entrepreneurs Fund whose limited partners are company founders.
GGV Capital VI will invest in seed to early-stage companies with significant business traction in the U.S. and China; GGV Capital VI Plus will invest in later rounds of GGV VI’s companies; and GGV Discovery I will invest in startups. Some 80% of GGV Discover I will invest in startups in China that are “globally minded,” Ms. Hinton said. “We’re interested in opportunities on the global stage.”
“There are about 2 billion smartphones worldwide … a convergence is happening. To focus on companies with a single geography does not make sense,” Ms. Hinton said.
Ms. Hinton said the capital raised for GGV Capital VI and its sidecar fund, GGV Capital VI Plus, is slightly larger than the $850 million raised for GGV’s previous main fund and $225 million raised for GGV Capital Select, which invests in later-stage companies from GGV fourth and fifth funds.
Investors in the funds include the $45 billion Los Angeles County Employees Retirement Association, Pasadena, Calif., which committed $100 million split among GGV Capital VI, GGV Capital VI Plus and GGV Discovery I.
