Tech venture capital firm GGV’s Asia business weighs a foray into private debt after split from US counterpart

GGV Capital, a global tech-investing powerhouse, has completed the separation of its US and Asia operations to form two stand-alone and independent partnerships, GGV said in a statement published Saturday on X. The firm had announced plans to break apart in September, months after a similar move by its larger peer Sequoia Capital during heightened geopolitical tensions between Washington and Beijing.

GGV, which had US$9.2 billion in assets when it unveiled the split last year, is known for being an early investor in Chinese technology giants including ByteDance, Xiaomi and Alibaba Group Holding, owner of the South China Morning Post. Menlo Park, California-based GGV also invested in Airbnb and Slack, before the latter was acquired by Salesforce.

The Asia partnership, which is led by Jenny Lee and Jixun Foo in Singapore, has been rebranded as Granite Asia. Its name comes from Granite Global Ventures, GGV’s original handle when the firm was founded in 2000.

The firm’s combined portfolio has US$5 billion in investments, and will focus on markets including China, Japan, South Asia, Australia and Southeast Asia. It plans to assemble a private-credit investing team as early as the second half of this year, the people said, asking to not be identified discussing private information.