DCM Ventures has closed its eighth flagship fund, DCM VIII, with US$500 million in committed capital, the firm announced yesterday.
The new vehicle came after DCM closed a US$170 million Turbo Fund focused on growth stage deals and a US$100 million fund focused on seed stage investments across mobile and emerging platforms during the past 18 months.
"In the last three years alone, DCM Ventures distributed over US$1.5 billion back to our limited partners, and we look forward to replicating this success…," says David Chao, co-founder and general partner of DCM Ventures, in the announcement.
The new global flagship fund will continue to invest in early stage companies in digital media, software-as-a-service, financial technology, e-commerce and other emerging sectors across the United States and Asia.
It also brings DCM's total assets under management to over US$3 billion.
Limited partners in the fund include many Chinese Internet giants such as Tencent Holdings, Baidu Inc., in addition to SoftBank Corp and Qualcomm.
The fund will continue to be headed by managing partners David Chao, Jason Krikorian, Osuke Honda, Hurst Lin and Ramon Zeng.