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China-focused VC Leaves NEA To Launch New Firm

September 30, 2016, 5:57 PM UTC
CHINA-ECONOMY
A Chinese flag flies near apartment buildings in Beijing on September 11, 2015. The Chinese government is capable of maintaining high economic growth, Premier Li Keqiang said on September 9, after fears the economy was slowing rocked global financial markets in recent weeks. AFP PHOTO / GREG BAKER (Photo credit should read GREG BAKER/AFP/Getty Images)
Photograph by Greg Baker—AFP/Getty Images

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.