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The drive into the Middle Kingdom by American venture firms is showing no signs of abating as China-focused VC shop Northern Light Venture Capital put the finishing touches on its $350 million second vehicle.
NLVC II follows a fairly successful $121 million inaugural fund that closed in 2005 and was jump-started by a $40 million contribution from New Enterprise Associates and Greylock Partners, both of whom were eager to establish a presence in China.
Investments in the first fund include Chinese chip companies Actions Semiconductor Co. Ltd. and Spreadtrum Communications Inc., both of which have gone public on Nasdaq, as well as retailer Redbaby, mobile and micro payment services company LianLian and midscale limited service hotel chain Hanting Hotels.
Northern Light's new fund adds to the considerable amount of venture money already set aside specifically for China. Last year Sequoia Capital raised $430 million for its China Growth Fund while Draper Fisher Jurvetson's DragonFund China has $125 million to put to work there. Other blue-chip firms with a presence in China include Accel Partners, Sutter Hill Ventures, IDG Technology Ventures and Mayfield Fund. - George White
See Jan. 30 press release
See August 2006 story from TheDeal.com
