GGV Capital: the cross-border giant that became two firms — investor profile

For 24 years, GGV Capital was the quintessential cross-border venture firm — a bridge between Silicon Valley and China that backed Alibaba, Airbnb, Slack and Square. That firm no longer exists. In March 2024, GGV split into two fully independent firms: Granite Asia, focused on Asia, and Notable Capital, focused on the US. This profile covers the legacy GGV story and what the split means for founders today.

Overview and thesis

GGV Capital was founded in 2000 as Granite Global Ventures, headquartered in Menlo Park, California. It expanded into mainland China with a Shanghai office in 2005 and opened a Singapore office for Southeast Asia in 2019. The firm built a reputation as one of the most active financiers of Chinese AI companies, investing across the US, Latin America, Israel, Southeast Asia, China and India.

The 2024 split

In September 2023, GGV announced it would spin off its China operations amid US–China geopolitical tensions, following scrutiny from a US House select committee. On March 29, 2024, the split took effect: the Asia partnership was rebranded Granite Asia under senior managing partners Jenny Lee and Jixun Foo, headquartered in Singapore; the US business became Notable Capital, led from the Bay Area by co-founder Hans Tung. Both teams chose new brands because they now operate entirely separately. Legacy GGV funds continue under the two successor firms, and GGV Capital no longer operates as an active investing brand.

Fund size

GGV had approximately US$9 billion in assets under management in 2022. Successor figures: Granite Asia manages around US$10 billion (2026), and in November 2024 received a $1.2 billion mandate from the Indonesia Investment Authority to invest in domestic technology companies.

Notable portfolio

Over its history GGV invested in more than 200 active companies, with over 56 valued above $1 billion. Historic winners include Alibaba, Xiaomi, Airbnb, Slack, Square, HashiCorp, ByteDance and Darktrace. Records note that historic pre-split deals belong to the original GGV partnership, not to either successor alone.

Partners and team

Jenny Lee — a regular on the Forbes Midas List with nine IPOs in five years including Xiaomi and Kingsoft WPS — leads Granite Asia alongside Jixun Foo. Co-founder Hans Tung leads Notable Capital in the US. GGV's yuan-denominated funds continue independently under the Chinese brand Jiyuan Capital.

Programs and resources

As a cross-border firm GGV was known for connecting founders to both Silicon Valley and Chinese tech ecosystems. Its successors have diverged: Granite Asia launched a private-credit strategy, Libra Hybrid Capital, in 2025 and is expanding across Asian asset classes, while Notable Capital invests across the US, Israel, Europe and Latin America.