IDG Capital Partners, the China-headquartered venture capital affiliate of IT media firm International Data Group, closed its latest fund at $1bn today.
The firm first began investing in China in 1993 and has since funded more than 100 companies, including internet companies Baidu and Tencent, cybersecurity software provider Qihoo 360, smartphone manufacturer Xiaomi and wealth management firm CreditEase.
IDG Capital Fund III was raised in partnership with US-based VC firm Breyer Capital and will fund healthcare, energy, consumer products and technology, media and telecommunications companies that are based in China or looking to enter the Chinese market.
IDG and Breyer Capital founder Jim Breyer have been partners since 2005 when Breyer was at VC firm Accel Partners, and IDG Capital Fund III is the seventh they have collaborated on according to the Wall Street Journal. Breyer told WSJ the $1bn will be deployed in three to four years.
The latest fund almost doubles the amount raised by its predecessor, IDG China Venture Capital Fund IV, which closed at $586m in June 2014.
Hugo Shong, general partner of IDG Capital Partners, said in a press release: “We are excited about the closing of IDG Capital Fund III, in partnership with Jim Breyer and his venture capital firm Breyer Capital.
“As a long-time business partner and personal friend, Jim has been an integral advisor to IDG Capital Partners for over a decade, and he will continue playing a leading advisory role in the new fund.”