This time it's GGV. Who's next?

By Zhiyan Chen

Edited by Jing Liu

GGV has announced a split between its two major regions. In the early hours of September 22 Beijing time, GGV Capital issued an official statement via X (formerly Twitter) that its two dollar-fund regions would become independent, with the separation planned for completion in Q1 2024. Its RMB fund will continue operating under the Jiyuan Capital brand.

According to the statement, GGV will become two fully independent firms, each with a new brand name. The Asia region will continue to be led by Jenny Lee and Jixun Foo, focusing on China, Southeast Asia, and South Asia, with headquarters in Singapore. The GGV RMB fund has always been an independent entity and will keep the Jiyuan Capital brand, managed by partner Bingdong Xu. In the US and Europe, managing partner Hans Tung will continue to lead alongside Glenn Solomon, Jeff Richard, and Oren Yunger, running operations from offices in Silicon Valley and New York to cover investments in North America, Latin America, Israel, Europe, and India.

"Our vision of serving entrepreneurs remains unchanged after the split," GGV wrote in closing. "These changes are in the best interests of our investors, employees, and founders."

Following this, Jiyuan Capital announced it would no longer use the GGV name and updated its website address (www.jiyuancap.com). The site has yet to display its partner roster, instead listing several well-known portfolio companies such as XPeng, Buysellads, Saturnbird, Moore Threads, and JD Industrials. Prominently displayed is its tagline: "Making dreams within reach."

The team's email addresses will change accordingly. The official WeChat account and other platforms previously branded "GGV Jiyuan Capital" have been renamed to "Jiyuan Capital."

The last time GGV Jiyuan Capital announced a fundraise was two years ago. On January 28, 2021, it announced the completion of a $2.52 billion fund and an approximately 3.4 billion RMB fund nearing final close, bringing total assets under management to roughly 20 billion RMB. That fundraise set a new record for single-fund size in the firm's 20-year history. Its Singapore office was established in 2018 to focus on Southeast Asian investments.

After announcing its independent operations, Jiyuan Capital stated: "This marks a shift toward greater focus on localized investing in China, with a more agile decision-making process and more diversified post-investment services."

Three months prior, Sequoia Capital announced that its US/Europe, China, and India/Southeast Asia operations would become fully independent, with a completion deadline also set for March 31, 2024.

Which other dollar-branded funds seeking greater localization will split or rebrand? Anyong Waves will continue to follow this closely.

Image source: IC Photo

Layout: Yunxiao Guo