GGV targets $1.13 bln for two new funds

GGV Capital has set out to raise $1.13 billion in capital for two new funds, according to a pair of filings with the SEC.

GGV Capital VI is targeting $880 million for venture investing and has not reported a first close, according to one of the documents. The fund is a substantial increase over GGV’s previous $622 million core fund, GGV Capital V, raised in 2014, according to Thomson Reuters.

A second venture fund, GGV Discovery I, is seeing $250 million, the other document shows.