IDG Capital Partners, the China-based corporate venturing fund operated by IT data and media firm IDG, has closed a new $586m fund.
The IDG China Venture Capital Fund IV will invest in technology, media and telecommunications startups in China.
“The new fund exceeded its original target due to heavy oversubscription by existing limited partners as well as strong interest from new investors,” said Hugo Shong, the founding general partner of IDG Capital Partners.
Among the LPs in the fund was investment and venture philanthropy firm Breyer Capital, and the firm’s CEO Jim Breyer will play a leading strategic advisory role in its investments, Shong added.
Companies backed in 2014 so far by IDG Capital Partners, the first technology venture capital fund to base itself in China, include software developer Xunlei, mobile analytics firm App Annie and translation services provider Smartling.