Granite Asia, formerly known as GGV Capital Asia, has announced its rebranding after splitting from its U.S. counterpart, allowing the venture capital firm to focus on expanding its investment platform in the region. Managed by veteran investors Jenny Lee and Jixun Foo, the firm has assets under management of $5 billion and plans to explore new asset classes such as private equity and debt in addition to managing existing tech startup investments across China, India, and Southeast Asia.
The separation of Granite Asia and its U.S. operations was completed six months after the announcement of the split in September. This move follows a trend in the industry, as seen with Sequoia Capital, amid heightened geopolitical tensions between the United States and China. Jixun Foo, senior managing partner of Granite Asia, expressed excitement about building upon the firm’s strong foundation for future success, emphasizing the important role Granite played in the establishment of Granite Global Ventures back in 2000.
Foo, known for his early investments in Southeast Asian superapp Grab and Chinese electric vehicle maker Xpeng Motors, leads Granite Asia’s overall investments strategy and portfolio management. Additionally, GGV Capital’s founding partner, Thomas Ng, along with other notable figures such as Teh Kok Peng and Teo Ming Kian, are joining Granite Asia as advisors to provide valuable insights and expertise to the firm.
Teh, chairman of Granite Asia’s advisory council, highlighted the necessity for financial institutions to adapt to macroeconomic and structural shifts in recent years. With Jenny Lee’s 24-year track record of operations and expanding capabilities, Granite Asia is poised to contribute to the growth of private investments in the region. Lee, recognized by Forbes as one of the world’s top venture capitalists for 11 consecutive years, emphasized the complexity and excitement in the current investing landscape, underlining the firm’s commitment to creating mutually beneficial outcomes for investors, businesses, and the region as a whole.
The rebranding of Granite Asia marks a new chapter in the firm’s evolution, with a focus on leveraging the expertise and experience of its leadership team to drive growth and success in the region. As the venture capital landscape continues to evolve, Granite Asia’s strategic approach to investments and commitment to creating value for its stakeholders position the firm for continued success in the dynamic and competitive market. Through strategic partnerships, a diversified portfolio, and a deep understanding of the Asian market, Granite Asia aims to capitalize on emerging opportunities and contribute to the growth of the private investment sector in the region.
