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GGV closes Capital VII at $1.09 billion

GGV Capital closed its latest global venture capital funds, the $1.09 billion GGV Capital VII and $272 million GGV Capital VII Plus, said Christine Hinton, vice president of marketing at GGV Capital in an email.

GGV VII had an $800 million fundraising target and a $1.36 billion hard cap, while GGV VII Plus had a $200 million target and a $272 million hard cap, according to a report by staff of the $15.9 billion Orange County Employees Retirement System, Santa Ana, Calif, which invests in both funds.

The funds will make venture capital investments in technology companies in the U.S. and China.

Other investors in the funds include the $52.6 billion Maryland State Retirement & Pension System, Baltimore, and $25.1 billion San Francisco City & County Employees' Retirement System.