GSR Ventures raises $383 mln for new China fund

HONG KONG, Jan 6 GSR Ventures, a China partner of U.S. venture capital specialist Mayfield Fund, said on Tuesday that it had raised $383 million for a new fund to focus on investing in Chinese technology companies.

GSR Ventures has about $700 million under management, including the new fund, which is called GSR Ventures III.

GSR Ventures III will invest in China's technology-related sectors including the Internet, wireless, green technology and semiconductors, it said in an e-mailed statement.

On Tuesday, GSR Ventures also announced its first investment by the newly formed third fund. It is buying a stake in iLemon Group Inc, a Shanghai-based online gaming company specialising in technology related to the 3D virtual world, according to GSR's statement, which did not provide details.

GSR Ventures and Mayfield established their partnership in 2003.

Mayfield, one of the oldest U.S. venture capital funds, was established in 1969 and has more than $2.8 billion under management and is invested in more than 470 companies.

More than 100 of its investee companies have gone public and nearly 100 were merged or sold.

GSR Ventures had 26 portfolio companies in China as of the end of 2008.


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