After IDG Ventures Boston broke
off from its affiliation with IDG Ventures network and rebranded to
Flybridge Capital Partners, IDG Chairman Pat McGovern decided to
restructure the global VC
network with central unit based in Boston. Former Managing Partner
of Prevail Capital Steve Kahn will lead
this newly created IDG Capital with main work of raising money for funds
in Vietnam, India and Korea.
Quote from
VentureWire:IDG is
typically the sole backer of its venture affiliates’ first funds. If the
fund generates suitable returns to warrant a successor fund, IDG’s
strategy is to open up that second fund to limited partners, while
committing 10% to 25% of the
capital.
The company set up a
$100 million fund in Vietnam in 2004, a $150 million India fund in 2006,
and a $100 million Korea fund late last year…McGovern expects IDG to
establish its first fund in Eastern Europe this fall, with $150 million
and an office in Warsaw; a second early-stage Vietnam fund next year
with about $200 million; a second India fund with $350 million in 2010;
a growth fund in Vietnam with $350 million in 2010; and a similar-sized
growth fund in Korea in 2010 or 2011.
Sources: VentureWire,
VentureBeat
*get popcorn,
[...]
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