GGV Capital no longer exists as the partners announce two separate brands

The VCs, who had future GGV Capital, a 24-year-old cross-border firm that helped serve as a bridge between the U.S. and China, opted for two recent brands about six months after announcing they’d split their U.S. and Asia operations.

Seasoned investors Jenny Lee and Jixun Foo have just renamed their Singapore-based company to Granite Asiaas first reported in Forbes. Meanwhile, Hans Tung, the company’s co-founder who lives in the Bay Area, announced on X yesterday that the American team is now arrange A noteworthy capital.

GGV Capital announced last fall that it was splitting its team amid rising tensions between the U.S. and China, though it never cited the atmosphere as an explicit factor driving the move.

Sequoia Capital similarly split its business last 12 months amid geopolitical tensions. In the case of Sequoia, the American team maintained the existing brand Sequoia India & Southeast Asia was renamed Peak XV Partners and Sequoia China was renamed HongShan, which suggests redwood in Mandarin.

According to a source conversant in the matter, the pondering behind abandoning the GGV Capital brand was that since the two teams would operate individually in the future, they felt it will be best to develop recent brands.

Granite Asia is run by native Singaporeans Jenny Lee and Jixun Foo. Lee often appears on Forbes’ Midas list of top-performing VCs, with nine IPOs in the past five years, including smartphone giant Xiaomi and software development company Kingsoft WPS, which went public in 2018 and 2019, respectively.

Foo, who previously served as global managing director of GGV Capital, is meanwhile credited with deals including electric automotive maker Xpeng Motors, which went public in 2020; transportation giant Didi, which reportedly plans to go public on the Hong Kong stock exchange this 12 months; and the delivery company Grab, whose shares have been underperforming because it entered public trading through a special purpose vehicle at the end of 2021. (Talks were reportedly held recently last month merge with one other beleaguered rival, GoTo Group.)

Granite Asia will deal with startups in China, Japan, South Asia, Australia and Southeast Asia.

Oren Yunger, the newest member of GGV Capital, also stays on the Notable team. Yunger joined GGV as an investor in 2018 and was promoted to managing director last fall.

Another long-time managing director of GGV Capital, Shanghai-based Eric Xu, will proceed to oversee the original company’s independently managed yuan-denominated funds.

About 2.5 years ago, GGV Capital announced it had raised $2.5 billion for its recent funds, marking its largest-ever fund family. Investors have since split the assets under management together with the previously raised capital, in order that Granite Asia now manages a complete of $5 billion, leaving Notable Capital with roughly $4.2 billion based on assets under management by GGV Capital at the time the split was announced.