Draper Fisher Jurvetson is returning to China with a new fund. Its partner this time is Dragon Venture, a seven-year old Silicon Valley-based firm. DFJ experienced initial success in China through its partnership with the ePlanet Ventures fund that shepherded portfolio companies Baidu.com, Focus Media, and Kongzhong Corp. to IPOs.

However, DFJ and ePlanet couldn't keep the talent happy. The top execs left to form the nucleus of Sequoia Capital's new presence in China.

DFJ now has a new partner in the form of Dragon Venture, which will source and value the investments, while DFJ helps with funding and fundraising. The new fund, called DFJ DragonFund, has received $80 million in commitments. It's targeting a $125 million close.

The new fund has already made at least three investments, including: co-investing $6 million in March in Shanghai-based Miartech Inc., a semiconductor design house; a $6 million investment in series B financing in Beijing-based YeePay, a mobile payment services provider; and co-leading a $10 million investment in July in DeviceVM, a Delaware-based company specialized in virtual technology.

Similar name, different team. In venture capital, brand matters. But, individuals matter more. It will be worth watching if the Dragon Venture team (picture below with Tim Draper) can attain the same level of success that DFJ's previous China partner reached.

For more on the DFJ DragonFund, see:
The Deal

Tags: dfj, vc, venture capital.