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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE Granite Global Ventures III ups fund size to $600m26/03/2008. Source: AltAssets. 
Granite Global Ventures, an expansion stage venture capital investor in the US and China, has increased the size of its Granite Global Ventures III fund to $600m. GGV III originally closed on $400m in October 2006. GGV will use the additional capital to extend its investments in technology-based companies, services and emerging sectors, with an increased focus on investments in China, according to a statement.
Hany Nada, managing partner and co-founder of GGV, said, 'China's rapidly growing consumer economy presents a tremendous opportunity for us to build on the success of our expansion stage investment strategy.
'Through the increase in our fund size, we are strongly positioned to increase our investments in these new consumer-driven markets, as well as in our traditional industry sectors, to continue building a diversified portfolio of innovative companies that create long-term value for our investors,' he added.
GGV has also announced that it has hired four partners from SIG Capital in Shanghai. Zhuo Fumin and Jessie Jin will join as managing partners, while Michael Kuan and Steve Chu have been appointed as venture partners.
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