From Altassets

International Data Group and Accel Partners have launched a new venture capital fund for China. The IDG-Accel China Growth Fund will focus on IT, healthcare, consumer technologies, and other emerging technologies. Its anchor investors are IDG and Accel but the fund will also gather capital from institutional investors.

IDG Technology Venture Investment (IDGVC), the general partnership which has been managing IDG’s venture capital funds in China since 1992, will manage the new fund.

IDG founder and chairman Patrick McGovern said, ‘It’s a perfect time for IDG to scale up its investment activities in China as we have been seeing an increasing number of larger investment opportunities.’

‘I have known Jim Breyer and Accel Partners for many years and I’m delighted that Accel Partners is joining us to invest together in these opportunities in China,’ McGovern continued.

Jim Breyer, managing partner of Accel Partners, added, ‘We are very excited about this new partnership as IDGVC is considered one of the best venture capital investment teams in China and has delivered superior returns to its investors.’

IDGVC was founded by IDG, a provider of information technology services, and originally named Pacific Technology Venture Fund-China. IDGVC’s venture capital operation is headquartered in Beijing, with branch offices in Shanghai, Guangzhou and Shenzhen in China, and in Boston and San Jose in the United States

Accel Partners has offices in Palo Alto, California and London.