GSR Ventures raises $200m for early stage China tech fund(2)

GSR Ventures, an affiliate of Silicon Valley-based venture capital firm Mayfield, has raised $200 million for its second China-focused fund, less than a year after closing its debut fund.

GSR Ventures has raised $200 million for a second fund to be invested in early-stage technology companies with operations in China ‘GSR Ventures II,’ according to a statement. The Beijing-based venture capital fund manager, affiliated with Silicon Valley-based Mayfield, has closed its second fund less than a year after holding a final close on its $72 million debut fund.

Sonny Wu, a founding managing director of GSR said the team was “delighted that our Limited Partners from the first fund all supported us in the new fund.”

Kevin Fong, a veteran Mayfield managing director will join GSR Ventures’ investment team as a managing director. Fong’s colleague, James Beck, a Mayfield managing director and chief financial officer, will serve as chief financial officer in GSR.

The latest fund is the fruit of a two year “affiliation” between GSR and Mayfield during which, the duo made eleven direct investments in China. The new fund will target investments in semiconductor, internet, wireless and new media sectors.

The new GSR fund will be managed from Beijing and Menlo Park, according to the statement.