Global venture capital firm New Enterprise Associates has promoted special advisor Carmen Chang to partners and managing director for Asia excluding India.
NEA said the newly-created role reflected their strategic focus on building a unified global organisation which actively invests in Asia and supports its US portfolio companies expanding into emerging markets.
Chang, who joined NEA as a special senior advisor last year, will spend about a quarter of her time in China and other Asian markets, although she will be primarily based at the firm’s California office.
NEA said Chang would be working closely with Beijing managing director Xiaodong Jiang to deepen its China presence.
The firm has been investing in China since 2003 and launched an office in the country two years later.
It has invested more than $400m across over 30 portfolio companies in the country including SMIC, Spreadtrum and CITIC Pharmaceuticals.
NEA General Partner and China head Scott Sandell said, “In building out NEA’s global platform over the last decade, we’ve learned that we work best as a deeply integrated team.
“As our US portfolio has become increasingly engaged in Asia, alongside the growth of our China practice, it’s critical that we are fully able to leverage NEA’s global strength to help our entrepreneurs succeed in both geographies.
“Carmen, a widely-respected pioneer in US-inbound investing and partnering in China, is already deeply engaged in NEA’s US and China operations.
“We’re very excited to formalize her role with this appointment.”
In March it emerged NEA was planning to invest up to 15 per cent of last year’s largest venture capital fund in China by targeting healthcare and IT.
NEA completed one of the biggest venture capital fundraises in history by closing its fourteenth vehicle on $2.6bn last July, outstripping the $2.3bn it had set and just pipping the $2.5bn it raised for its two previous vehicles.
The firm plans to continue its interest in healthcare and IT in China according to Xiaodong, who spoke to the Wall Street Journal.
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