China’s GGV Capital raises $1.88b for new funds

GGV Capital managing partner Jenny Lee at the Asia PE-VC Summit 2018 organised by DEALSTREETASIA

US and Shanghai-based venture capital firm GGV Capital has closed its new funds at $1.88-billion, it said in an announcement on October 16.

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.

GGV Capital last raised $1.2-billion in 2016 across four funds. Earlier this year, it closed its first RMB-denominated fund at RMB 1.5 billion ($225 million). The latest fund brings GGV Capital’s total capital under management to about $6.2-billion across 13 funds.

“We are excited and humbled by the support of new and longstanding partners such as CalSTRS (California State Teachers’ Retirement System), 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 GGV Capital managing partner, Jenny Lee.

Lee is one of the six managing partners for the new funds. The rest include Jixun Foo, Hans Tung, Glenn Solomon, Jeff Richards, and Eric Xu.

Founded in 2000, GGV Capital claims to generate an IRR of more than 25 per cent. It has invested in 51 unicorns across US and China, where half of these were Series B or earlier-stage companies at the time of initial investments such as Airbnb, Didi Chuxing, Toutiao, Slack, and in Southeast Asia, Grab.

Out of these 51 unicorns, 25 have gone public, such as Alibaba, Square, YY Inc., Zendesk. The VC firm said it returned more than $1-billion to its LPs in 2017 and 2018.

Also read:

As more consumers get online, SE Asia will mint new unicorns: Jenny Lee, GGV Capital

What does it take to be a good VC? Patience & resilience, says GGV Capital’s Jenny Lee

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.