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SHENZHEN, CHINA -- San Jose, Calif.-based VC firm DragonVenture said it has agreed to co-manage a fund with Shenzhen, China-based Schenzhen Venture Capital that is targeted to raise CNY 500 million ($60 million). Each firm will raise approximately half of the fund, with Schenzhen raising most of its capital in China and DragonVenture focusing on U.S. limited partners. The fund will focus on Chinese IC design and related software and telecommunications and Internet infrastructure companies. Shenzhen Venture Capital has approximately CNY 3 billion ($363 million) under management. DragonVenture has $10 million under management. The firm's portfolio companies include InphoMatch, a Herndon, Va.-based short-message service for the wireless market; and Legend Silicon, a developer of digital transmission technology based in Fremont, Calif. |
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