Mayfield Fund Raises Dedicated $200 Million China Fund.

GSR Ventures II Deepens Firm's Relationship with Cross-Border Partner

MENLO PARK, Calif. -- Mayfield Fund today announced the closing of a $200 million fund, dedicated to investing in China. The fund, GSR Ventures II, was formed in partnership with GSR Ventures, a top-tier, China focused fund. The dedicated fund follows a two year affiliation between Mayfield and GSR, during which the firms made 11 direct investments in China.

GSR Ventures II was over-subscribed and has a mix of existing Mayfield limited partners and GSR's limited partners from its first fund. The investing team of the new fund includes Kevin Fong, long-time Mayfield Managing Director who will serve as a Managing Director; James Beck, Mayfield MD and CFO, who will serve as CFO; and all the Managing Directors of GSR Ventures. GSR Ventures II will target investments in the semiconductor, wireless and Internet media sectors and will have representative offices in Menlo Park and Beijing.

"Our new fund reflects our belief that continued direct investment along side a trusted partner will help us realize the untapped opportunity in the burgeoning Chinese technology sector," said Fong. "Over the last few years, we have worked closely with the GSR Ventures team and been impressed by their business acumen and access to exciting entrepreneurs. I believe that our track record will serve us well during the second phase of our China strategy."

"We look forward to a deeper relationship with Mayfield Fund and know that our portfolio companies will benefit from the venture capital and sector expertise of their team," said Richard Lim of GSR Ventures. "Together, we are confident of building the next generation of global Chinese companies."

The 11 investments to date include:

Semiconductor: Lattice Power, Mobert Semiconductor, PowerLayer Microsystems, SMIT; Internet & Wireless: Baihe Online, Co-op Land Technology, StudyEZ Technologies, PingCo, Qunar.com, SportsGG, United ITV.

About Mayfield Fund

Mayfield Fund provides "venture capital with impact" by partnering with exceptional individuals to create industry-leading companies. Mayfield has domain expertise in Internet media, communications/mobility and enterprise software. The firm has $2.6 billion under management and a team of twelve investing professionals. Since Mayfield's founding in 1969, the firm has invested in more than 470 high-growth companies, taken more than 100 public, and more than 150 have merged or were acquired. For more information, please visit www.mayfield.com or contact: Kamini Ramani, [e-mail]

About GSR Ventures

GSR Ventures primarily invests in early stage technology companies with substantial operations in China that have potential to become global leaders. GSR is affiliated with Mayfield Fund, and manages Mayfield China together with Mayfield. The fund currently has about $300 million under management, and has representative offices in Beijing and Silicon Valley. For more information, please visit www.gsrventures.com.