Matrix Partners wraps up two funds

The US venture capital firm has raised a total of $650m for China- and India-dedicated funds.

US venture capital firm Matrix Partners has closed a second China-focused fund on $350 million and a second India-focused fund on $300 million.

While the two markets have been highly competitive, the firm “continues to be very excited about the scale of opportunity in China and India,” Timothy Barrows, managing partner of Matrix said in a statement. “Both countries are experiencing tremendous growth and there continues to be an enormous need for many new products and services.” 

According to the statement, Matrix Partners China II and Matrix Partners India II bring the total international assets under management to $650 million in China and $600 million in India. The firm's maiden China fund closed on $275 million in January 2008, while its first Indian fund initially closed on $150 million in August 2006 but was subsequently expanded to $300 million.

Led by David Zhang, David Su and Bo Shao in China, the firm’s Chinese team targets companies in the TMT and healthcare sectors.

In India, the firm focuses on the sectors of Internet and mobile, education, financial, healthcare and infrastructure services. Matrix Partners India’s investment team is led by Avnish Bajaj and Rishi Navani.

Last month, Matrix Partners India added a third education-related asset to its portfolio, investing INR500 million (€7.9million; $11.35 million) in Maharana Infrastructure and Professional Services (MIPS), which provides services such as marketing, information technology consulting, human resource consulting and other programs to higher education institutes in North India.

The firm’s other holdings in India’s education space are in FIITJEE, a group providing training for competitive examinations in India which the firm backed with INR1 billion for an undisclosed stake in 2009, and in Tree House Education and Accessories, a Mumbai-based pre-school educator which it backed with INR300 million in August 2008.

Headquartered in Waltham, Massachusetts, Matrix has offices in Mumbai, Beijing, Shanghai, New York and Palo Alto.