China-focused IDG Capital Partners has beaten its target for its fourth venture capital vehicle by holding a $586m final close.
AltAssets revealed earlier this week that the firm was hoping to collect $550m for the fund, which will target early-stage technology, media and telecom deals in China.
Founding general partner Hugo Shong said, “The new fund exceeded its original target due to heavy oversubscription by existing limited partners as well as strong interest from new investors.
“We are especially pleased to announce the participation of Breyer Capital, the global investment and venture philanthropy firm founded by Jim Breyer.
“Jim has been collaborating with IDG China and investing in China for over a decade and he will play a leading strategic advisory role in the new fund.”
Breyer said, “I am passionate about long-term investments in Chinese early-stage internet and ecommerce companies, and in next generation technologically-driven opportunities in education, finance, healthcare and energy where emerging big data platforms are creating tremendous entrepreneurial opportunities.
“In the Chinese mobile internet alone, there will be well over 600 million users within two years.”
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