GLOBAL venture capital firm GGV Capital is splitting into two independent partnerships, with a Singapore-based one to cover Asia, and the other, the US.

The Singapore-headquartered partnership will be led by managing partners Jenny Lee and Foo Jixun, and will invest mainly in China, South-east Asia and South Asia.

The US partnership, led by managing partners Glenn Solomon, Hans Tung, Jeff Richards and Oren Yunger, will focus mainly on investing in the US and Europe from its Silicon Valley and New York offices.

There is no change to the company’s renminbi funds, which will continue to be managed independently under the Jiyuan Capital brand led by managing partner Eric Xu.

“Over the last decade, the investment landscape has shifted significantly and the operating environment has become highly complex. Against these new realities, GGV is also evolving,” said the company on Friday (Sep 22).

This move follows in Sequoia Capital’s footsteps in splitting the firm due to geopolitical tensions between the US and China. Sequoia announced in June that it would split into three independent firms, each with a different geographical focus.

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Founded in 2000, GGV Capital, which has roots in Singapore and Silicon Valley, focuses on multi-stage, sector-focused investments with a vision to support entrepreneurs to make a positive impact globally. It has additional offices in San Francisco, Shanghai and Beijing.

The company manages US$9.2 billion in investments across South-east Asia, China, the US, India, Canada, Latin America and Israel, and has invested in more than 400 companies.

“Our vision to serve entrepreneurs is unchanged and the evolution of GGV, in creating separate partnerships, is in the best interests of investors, employees and founders.”

GGV aims to complete the transition by the end of the first quarter of 2024.