Kleiner Perkins Caufield & Byers enters China

Top US venture firm Kleiner Perkins Caufield & Byers has entered China with a $360 million fund and a seasoned team of local investment professionals.

Kleiner Perkins Caufield & Byers, a leading US venture capital firm, has made its way to China by opening two offices – in Beijing and Shanghai – and launching a $360 million country-specific fund.

To launch KPCB China, Kleiner Perkins has appointed Joe Zhou, previously a partner at SAIF Partners, and Tina Ju, a founding partner at TDF Capital, as managing partners. 

SAIF Partners, which has evolved into a growth capital provider from its original incarnation as a venture capital firm, recently raised $1.1 billion, most of which is earmarked for China investments.

Ju joins KPCB China along with three more of TDF’s China team: co-founding partners Forrest Zhong and David Su, and principal Ian Goh. The quartet represents TDF’s entire Chinese operation, which has raised two funds to date – a 2000 vintage and a 2005 vintage.

The KPCB China team will target investments in high-growth industries including technology, internet, media and wireless communications. The fund will also seek investments in new consumer areas, healthcare and greentech, according to a statement.

Ju said: “We’ve been working together for the past year and are impressed by how closely our values and goals match. We’re convinced Chinese entrepreneurs will be best served by our global team’s assistance in recruiting, business building, strategy, networking and financing.”

John Doerr, a partner at Kleiner Perkins said: “The breaking news is that Tina, her TDF partners and Joe are joining forces. For more than two years, KPCB respectfully networked with leaders in China to find Joe, Tina, Forrest and David.”

Joe Zhou started his venture capital career in 1999 and has worked with Softbank China Venture Capital and with SAIF since 2001, while Ju was an investment banker before she became a venture capitalist in 1999.

Forrest Zhong entered into the venture capital industry at the same time as Zhou and Ju, becoming a director at JAFCO Venture before co-founding TDF Capital. David Su joined Venture TDF as a director in 2000, became a venture partner in 2002, and co-founded TDF Capital in 2005.