GGV Capital Asia has rebranded as Granite Asia after splitting from its U.S. counterpart, enabling the venture capital firm to focus on growing its investment platform in the region from its headquarters in Singapore.
With assets under management of $5 billion, Granite Asia will be managed by veteran investors Jenny Lee and Jixun Foo—who are long-time managing partners of GGV Capital and frequently listed among the world’s top venture capitalists by Forbes. Besides managing existing tech startup investments across China, India and Southeast Asia, Granite Asia plans to venture into new asset classes such as private equity and debt to cater to the evolving needs of businesses and investors.
GGV Capital—which was originally established as Granite Global Ventures in 2000—has completed the separation of its Asia and U.S. operations, six months since the split was announced in September. The separation follows a similar move by Sequoia Capital last year amid heightened geopolitical tensions between the world’s two largest economies.
“Granite formed the bedrock of Granite Global Ventures,” Foo, senior managing partner of Granite Asia, said in a statement on Saturday. “We’re thrilled to build upon our firm’s strong foundation for future success.” Foo—who is known for his early investments in Southeast Asian superapp Grab and Chinese electric vehicle maker Xpeng Motors—leads the company’s overall investments strategy and portfolio management.
GGV Capital’s founding partner, Thomas Ng, along with Teh Kok Peng, former president for special investments at Singapore sovereign wealth fund GIC, and Teo Ming Kian, for chairman of the city-state’s National Science and Technology Board, are joining Granite Asia as advisors.
“The major macroeconomic and structural shifts in recent years have necessitated greater adaptability in financial institutions and industry knowledge,” Teh, chairman of Granite Asia’s advisory council, said in the statement. “With Jenny and Jixun’s 24-year track record of operations and expanding capabilities, Granite Asia is ready to contribute to the growth of private investments in the region.”
Lee—who has been named by Forbes as one of the world’s top 100 venture capitalists for 11 years in a row, from the first year she was included in the Midas List in 2012—was instrumental in setting up GGV’s first China office in 2005. “The landscape for investing has never been more complex or exciting,” Lee, senior managing partner of Granite Asia, said in the statement. “Born and bred in Asia, we are committed to creating win-win-wins for our investors, businesses we in, and the region at large.”
