[THE INVESTOR] Korean internet giant Naver is investing in Sequoia Capital’s new venture capital fund, according to Korea Economic Daily on June 22.
The firm reportedly decided the investment in a recent board meeting. The exact amount was not revealed.
The Silicon Valley-based Sequoia, an early investor in the most successful tech companies like Apple and Airbnb, is tapping investors to raise up to US$8 billion for its new venture fund Sequoia Global Growth III -- the largest after SoftBank Group’s US$100 billion Vision Fund.
In the meeting, Naver also reportedly decided to invest in China Fund jointly managed by SoftBank and US private equity firm TPG.
Naver, with about US$2 billion cash reserves, is increasingly investing in global venture funds as it is seeking stakes in prominent startups and aims to boost returns in alternative assets.
In February, the firm invested 18.4 billion won (US$16.50 million) in Mirae Asset’s 280 billion won venture fund that acquired about 0.5 percent stake in Chinese ride-hailing firm Didi Chuxing.
By Lee Ji-yoon (firstname.lastname@example.org)