GGV Capital, a prominent venture capital firm managing $9.2 billion in assets, plans to separate its China and U.S. teams following scrutiny from lawmakers in Washington about the national security implications of the firm’s investments in Chinese artificial intelligence and semiconductor firms, according to a notice the firm sent to its investors on Thursday.
The move comes a few months after Sequoia Capital said it would separate its high-performing China affiliate from its U.S.-based operations and just weeks after President Biden issued an executive order restricting U.S. investments in China. GGV, known for its investments in Airbnb and Slack in the U.S. and Alibaba and Xiaomi in China, is one of several major VC firms that invest both in the U.S. and in China using capital raised from American pension funds, endowments and other institutional investors.
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