Reuters: GGV raises total capital managed above $1 bln

"Granite Global Ventures, which focuses on expansion-stage investments, said on Wednesday it had increased its third fund to $600 million, bringing its total capital under management to more than $1 billion.
GGV, which invests in the Internet sector, services and manufacturing, is also increasing its focus on consumer-related investments in China, its partners said at a media briefing.
'China's rapidly growing consumer economy presents a tremendous opportunity for us to build on the success of our expansion-stage investment strategy,' said Hany Nada, co-founder of GGV.
GGV also said four partners in SIG Capital in Shanghai had joined the firm. SIG Capital continues to manage Venture Star Shanghai, a Chinese-foreign joint venture licensed to invest yuan-denominated venture capital in China and now a GGV affiliate."