(Yicai) Sept. 22 -- US venture firm GGV Capital said it will split into two independent businesses, with one focused on the United States and the other on Asia, following a similar move three months ago by peer Sequoia Capital. Its Chinese business team said it will focus more on local investment in the future.

The US partnership will invest mainly in North and Latin America, Israel, Europe, and the India/US cross-border from offices in Silicon Valley and New York, while that in Asia will focus on China, Southeast Asia, and South Asia from headquarters in Singapore, the California-based firm said on X (Twitter) today.

GGV Capital expects the split to be completed by the end of the first quarter of next year.

Its Chinese yuan funds will go on being managed independently by its Chinese brand Jiyuan Capital, the firm added. After the split, Jiyuan Capital will focus more on local investment with a more agile decision-making process and diversified post-investment service capability, its Shanghai-based team said on WeChat today.

Founded in 2000, GGV Capital has invested in China for more than 18 years and has used the Jiyuan brand to raise yuan funds since 2018. GGV Capital has invested in several leading Chinese firms, including e-commerce giant Alibaba Group Holdings, lifestyle platform Xiaohongshu, and electric vehicle startup Xpeng Motors.

With the global situation increasingly uncertain, a growing number of investment firms are seeking to avoid risks by splitting their businesses. Sequoia Capital announced in June that it will separate into three businesses, one in the US and Europe, one in India and Southeast Asia, and on in China renamed as HongShan.

BlueRun Ventures, another Silicon Valley-based VC firm, changed the name of its Chinese branch to Lanchi Ventures on Sept. 13.

Editor: Martin Kadiev