Lightspeed joint venture targets China

DT Ventures, which was formed as a partnership between Lightspeed Venture Partners, Madrone Capital Partners and Pantheon Capital, has raised $122 million in commitments for its second fund, according to a regulatory filing.

Limited partners in the new fund include AlpInvest Partners, MCP Holdings, Eleven Rings, Lightspeed Management Co. and Pantheon Asia Fund IV.

The firm, based in Hong Kong, set a target of $130 million for DT Ventures China Fund II when it launched fund-raising in February 2006. DT Ventures is also known as DragonTech Ventures and DT Capital Management Co.

Promoters of the fund, according to the filing, include co-founder and Managing Partner Roman Shaw; Greg Penner, an investor with Madrone Capital Partners and a director at Baidu.com (Nasdaq: BIDU); Lixin Tian; and Jun Zhao.

The firm’s first fund, called DragonTech Ventures Management, raised $63 million in 2000. Among its investments is Suntech Power (NYSE: STP), which it backed in 2005. The company, a China-based developer of photovoltaic cells, went public several months later and has been performing well since.

DT Ventures also was an early stage investor in Harbour Networks, a Beijing-based developer of networking equipment that has raised more than $100 million in early and late stage financings. —Alexander Haislip