China and US-focused venture firm GGV Capital has collected more than $508m of commitments for its latest growth vehicle.
The fundraise puts GGV within reach of its expected $600m target according to a filing with the US Securities and Exchange Commission.
A total of 54 investors have committed to the fund so far, with the first LP signing up in May last year.
Investors from previous funds believed to have re-upped for GGV Capital IV include the California State Teachers’ Retirement System and LA County Employees’ Retirement Association.
Founded in 2000, the firm says it has $1bn in expansion-stage venture capital under management.
GGV has offices in Beijing, Shanghai and Singapore as well as a headquarters in Menlo Park, California. The firm’s broad-based sector strategy sees it investment between $5m and $25m in consumer, healthcare, infrastructure, internet and software businesses.
It was joined by existing investors Institutional Venture Partners and Bay Partners, as well as new investor Insight Venture Partners.
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