WestSummit Capital, a private equity firm with offices in Palo Alto, Calif., and Beijing, has added David Lam as a managing director, and promoted Elise Huang to partner. WestSummit focuses on growth-stage technology companies with a presence in China.
WestSummit Capital, a private equity fund with a core focus on growth-stage technology companies that have a substantial presence or a strategic interest in China, announced venture capital and private equity specialist David Lam has joined the firm as managing director, and Elise Huang has been promoted to partner. With over $200 million under management, WestSummit Capital is focused on fostering business growth and technology innovation as well as job and value creation in the technology, Internet/new media, telecommunications and clean technology sectors.
Founded in 2010 by four former technology executives, Raymond Yang, Datong Chen, Jay Deng and John Yu, WestSummit Capital holds a distinctive position in the market as an investor with strong Chinese roots, decades of executive and operational experience in Silicon Valley and China, and thirty-plus years of combined technology investment experience at venture capital and private equity firms in the United States and in China.
The founding partners have worked together in different ways since the mid-1900’s, graduated within three years of each other from China’s prestigious Tsinghua University, and hold over 110 years of combined executive operating experience including three NASDAQ listings and one M&A transaction.
“WestSummit Capital is one of the first China-based funds to go global and our portfolio spans China, the United States and Europe,” said Raymond Yang, a co-founder partner and Managing Director of WestSummit Capital. “We believe 2012 is a breakout year for growth-stage companies interested in moving into the Chinese market. We view ourselves as a value-add, strategic partner with regard to China-value creation for the companies we invest in. That’s where we add tremendous insight.”
Yang added, “Many executives are still wary of doing business in China because they do not know where to start or how to navigate in China’s business culture. And conversely, Chinese-based companies feel the same way about expanding into the West.
“Everyone on the WestSummit team has deep industry relationships, solid credentials, and hands-on operational and investment experience in both the U.S. and in China. Our team knows first-hand the key role that transparency plays in creating lasting shareholder value, and understands what it takes to win in the global marketplace. David’s addition and Elise’s promotion reflect our ongoing commitment to extending our team’s capabilities, reach and experience.”
The WestSummit Capital partnership includes:
— Raymond Yang, Co-Founder and Managing Director Navi Capital Partners, Taishan Angel Invest, Northern Light Venture Capital, Linktone LTON +1.27%
— Datong Chen, Co-Founder and Managing Director Northern Light Venture Capital, Spreadtrum Communications SPRD -0.13% , Omnivision OVTI +0.68%
— Jay Deng, Co-Founder and Managing Director Pacific Venture Partners, Advanced Communication Devices (ACD), acquired by UTStarcom UTSI -2.27%
— John Yu, Co-Founder and Managing Director Greenpoint Partners, AgateLogic, Advanced Communication Devices (ACD), acquired by UTStarcom UTSI -2.27%
Two new partners with extensive private equity, technology and international investment banking experience and extensive industry connections:
— David Lam, Managing Director WI Harper Group, The Carlyle Group, Panasas, ONI Systems , acquired by CIENA Corporation CIEN -0.34%
— Elise Huang, Partner Vertex Venture Holdings, AsiaTech Management
WestSummit Capital has been quietly building its portfolio over the past two years. The firm has lead or participated in investment rounds in companies based in the U.S., Europe, and China. Investments include:
— Accent, supplier of a System-on-a-Chip (SoC) platform for smart meters (Italy)
— GigaDevice, provider of NOR flash memory (China)
— Inside Secure, provider of technology solutions for contactless payment and near-field communications (NFC) (France)
— SilkRoad Technologies, cloud-based human resource management software solutions (USA)
— Tilera, developer of a multi-core processors for Cloud Computing environments (USA)
— Unity Technologies, 3D gaming development software platform (USA)
— VeriSilicon, provider of custom silicon solutions and SoC turnkey services (China)
About WestSummit Capital
WestSummit Capital is one of the first China-based technology growth-stage private equity firms in the industry. The firm invests in companies that have a substantial presence in or strategic interest in China and focuses on the technology, media, telecommunications and enabling clean tech sectors. WestSummit has offices in Beijing, China and Palo Alto, USA.