Mayfield Fund has announced the closing of a US$200 million fund, dedicated to investing in China's technology sector.
"We look forward to a deeper relationship with Mayfield Fund and know that our portfolio companies will benefit from the venture capital and sector expertise of their team," said Richard Lim of GSR Ventures. "Together, we are confident of building the next generation of global Chinese companies."
The fund, GSR Ventures II, was formed in partnership with GSR Ventures, a China focused fund. The dedicated fund follows a two year affiliation between Mayfield and GSR, during which the firms say they made eleven direct investments in China.
GSR Ventures II was over-subscribed and has a mix of existing Mayfield limited partners and GSR's limited partners from its first fund. It will target investments in the semiconductor, wireless and Internet media sectors and will have representative offices in Menlo Park and Beijing.
Mayfield Fund reports to have US$2.6 billion under management and a team of twelve investing professionals. Since Mayfield's founding in 1969, the firm has invested in more than 470 high-growth companies, taken more than 100 public, and more than 150 have merged or were acquired.