Mayfield Fund has closed its latest fund, GSR Ventures II, on $200m. The fund, formed in partnership with China-focused GSR Ventures, will target investments in the semiconductor, wireless and internet media sectors in China. GSR already manages the Mayfield China fund together with Mayfield.
GSR Ventures II has a mix of existing Mayfield limited partners and GSR’s limited partners from its first fund, according to a statement.
The investment team of GSR Ventures II includes Mayfield managing director Kevin Fong, who will serve as a managing director; Mayfield managing director and CFO James Beck, who will serve as CFO; and all the managing directors of GSR Ventures.
Fong said, ‘Our new fund reflects our belief that continued direct investment alongside a trusted partner will help us realise the untapped opportunity in the burgeoning Chinese technology sector.
‘Over the last few years, we have worked closely with the GSR Ventures team and been impressed by their business acumen and access to exciting entrepreneurs. I believe that our track record will serve us well during the second phase of our China strategy,’ Fong continued.
GSR Ventures II will have representative offices in Menlo Park and Beijing.
Mayfield has expertise in investing in the internet media, communications/mobility and enterprise software sectors. The firm has $2.6bn under management and a team of 12 investment professionals.
GSR Ventures primarily invests in early stage technology companies with substantial operations in China. The fund currently has about $300m under management, and has representative offices in Beijing and Silicon Valley.
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