Totally missed this news last week (1/9/2006):
China’s fast growing economy is expected to help the nation’s private equity market to double over the next three years to $10 billion, but competition is also rising.
Silicon Valley-based early-stage venture capital firm Doll Capital Management said on Monday it would expand in China with 4 billion yuan ($500 million) of planned investment there over the next decade. “China is an agent of change for (global) technological innovation,” said David Chao, a co-founder and managing general partner of DCM. Hurst Lin, COO of Sina will join DCM as a general partner, extending a trend where successful Chinsese entrepreneurs move to venture capital industry.
DCM will target Chinese companies involved in wireless services, outsourcing, semiconductors and digital media, said Chao.