Trident Capital, a US-based venture capital firm focusing on information technology, today announced it is entering into a strategic partnership with Mustang Ventures, a new venture capital firm investing in technology and technology-enabled service companies in China.
In connection with this relationship, Trident is investing $10 million in the Mustang I, L.P., Mustang Venture's initial venture capital fund.
Mustang Ventures' principals spend most of their time on the ground in Shanghai. Mustang was initially established in September 2004, and recently completed its final close at $40 million. The Mustang I fund is managed by general partner, Rob McCormack, and special limited partner, Leonard Liu.
Don Dixon, Trident's co-founder and managing director, will serve as a member of Mustang's investment committee. Through its relationship with Mustang, Trident expects to gain insight into the business environment in China and how it might impact Trident's areas of focus, and to generate business development opportunities and potential co-investment opportunities. Trident has long maintained an active presence outside the U.S., including several direct investments in Europe and over 1,500 employees in India at its existing portfolio companies.
Mustang will leverage McCormack's and Liu's expertise in Chinese business practices, investment opportunities and culture, and focus principally on companies in the education, outsourcing, semiconductor, mobile and Internet sectors.