DT Ventures has raised $122 million in commitments for its second fund, according to a regulatory filing.
The Hong Kong-based firm—formed as a partnership between Lightspeed Venture Partners, Madrone Capital Partners and Pantheon Capital—has set a target of $130 million for DT Ventures China Fund II. The firm (which is also known as DragonTech Ventures and DT Capital Management Co.) launched fund-raising in February 2006.
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.
Limited partners in the second fund include AlpInvest Partners, MCP Holdings, Eleven Rings, Lightspeed Management Co. and Pantheon Asia Fund IV.
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.