Reportedly, the Fund III size expanding from US$410M to US$610M brings Granite Global Ventures' (GGV) total capital under management to more than $1 billion. GGV acquired SIG and its subsidiary RMB fund Venture Star.

Jenny Lee, Managing Partner of GGV, said GGV used to be one of the capital sources of SIG. SIG will officially become a GGV affiliate after the acquisition. In fact, GGV intends to conduct RMB fund businesses through acquiring SIG because pure foreign VCs cannot launch RMB funds in China.

After it has hired four partners from Shanghai-based SIG Capital: Fumin Zhuo and Jessie Jin as managing partners, and Michael Kuan and Steve Chu as venture partners, the Chinese team of GGV increased to ten from previous six. In addition, GGV will take over the on-going projects of SIG. Sources say SIG-invested Guangdong Summit Lifesciences is expected to debut on Shenzhen GEM.