China-based IDG Capital Partners said Tuesday that it has raised $586 million for its fourth venture fund. It will focus on early-stage tech, media and telecom companies in China. Breyer Capital is an investor in the fund.
BEIJING, China–(BUSINESS WIRE)–IDG Capital Partners announced today it has closed a $586 million fund, IDG China Venture Capital Fund IV, focused on making early-stage technology, media and telecom (TMT) investments in China.
“We are thrilled to announce the close of IDG China Venture Capital Fund IV and to continue our long history of investing in China’s TMT sector,” said Hugo Shong, Founding General Partner of IDG Capital Partners. “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.”
“I am very excited to again be partnering with the IDG China team,” said Jim Breyer, Founder/CEO of Breyer Capital. “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 2 years.”
Formed in 1993 as China’s first technology venture capital firm, IDG Capital Partners was ranked as China’s No. 1 venture capital firm in 2013 by Zero2IPO Group, a leading VC/PE investment research company. With more than 300 companies in its portfolio, IDG Capital Partners is an early-stage investor in many Chinese market leaders, including Baidu, Tencent, Qihoo 360, Sohu, Soufun, Ctrip, Kingdee, 91 Wireless, Xiaomi and CreditEase.