Xiaodong Jiang, a longtime managing director in China for venture capital firm New Enterprise Associates, is leaving to launch a new firm called Long Hill Capital Partners.
Long Hill plans to raise up to $125 million for its debut fund, which will invest in Chinese startups, with NEA being among its investors.
"We plan to maintain or even increase our level of activity in China, but our approach has evolved over time," says NEA spokeswoman Kate Barrett. "In a nutshell, we believe that the best way to expand and scale our presence is through a combination of direct investments and co-investments in partnership with local independent teams. Moving forward, we will be partnering with Xiaodong in this manner."
Jiang has spent the past 11 years with NEA, having opened both its Beijing and Shanghai offices. He remains listed on its website, which shows 11 active portfolio board seats.