Several Silicon Valley-based venture capital firms are reaching out to their investors to raise China-focused funds rather than invest from their existing global pools of capital, VentureWire has learned. Some LPs and VCs with knowledge of the firms’ fund-raising plans said that both Lightspeed Venture Partners and DCM were seeking between $150 million and $200 million for their new funds. Meanwhile, one LP said that Redpoint Ventures was raising $250 million to $300 million and merging its China operation with a local firm led by an ex-partner from Kleiner Perkins Caufield & Byers.
Spirus Medical Inc., which raised $19 million to develop technology to speed diagnosis and treatment of bowel disorders, has been acquired by Olympus Corp. in a deal that will provide a good exit for venture investors. Terms weren’t disclosed, but a general partner of Spirus backer BioVentures Investors said the agreement will provide a nice return for investors. The company’s other backers included Point Judith Capital and Village Ventures.
To read the full, original article click on this link: The Daily Start-Up: VCs Hopping On China-Focused Funds - Venture Capital Dispatch - WSJ
