This comes after Sequoia Capital in June said it is splitting its businesses in China as well as India and Southeast Asia into two independent firms. The split, which will see the two new firms adopt their own brands, is expected to finalise by March 31, 2024.
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Venture capital firm GGV said the separation of its Singapore arm that would solely focus on investing in China is expected to finish by the first quarter of next year.
GGV Capital, which has around $9 billion in assets under management, has backed companies such as Airbnb, ByteDance and Alibaba to establish itself as a cross-border venture capital company.
China-focused firms only raised $5.5 billion in U.S. dollar-denominated funding in the first half of the year, Preqin data showed, a far cry from its peak of $27.6 billion raised in the same period in 2021.