China-focused venture capital firm GSR Ventures has raised $350 million for its fourth fund, bumping the firm’s assets under management to more than $1 billion.
According to a statement from the firm, the fund was oversubscribed with more than 80 percent of the capital committed by existing investors.
“GSR could have raised much more money, but we are glad they will instead continue their focus on selectively investing in high-impact early-stage companies,” Gary Bridge, a founder of Horsley Bridge Partners, an LP that has invested in all of the GSR funds, said in the statement.
The latest fund will be managed by the firm’s existing team and will pursue the same strategy as the previous funds, investing between $5 million and $10 million in technology companies with operations in China. It will focus on IT sectors such as internet, wireless and semiconductors.
The firm's previous fund, GSR Ventures III, closed on $383 million in July 2008. The firm last month invested $10 million in Chinese LED light products manufacturer SunSun Lighting, marking its sixth investment in LED-related companies.
In addition to Horsley Bridge, the firm’s previous backers include Suzhou Ventures Group, which partnered with China Development Bank last year to launch the country’s largest fund of funds, Guochuang.