Accel Wins Prized Piece of IDG Fund

Accel Partners beat three other "major" venture capital firms in a heated competition to partner with IDG Ventures on a new VC fund focused on China. IDG was the first foreign venture firm to set up shop in China and may be the most successful venture investor in that country. After word leaked out four months ago that IDG was considering a proposal by an unnamed VC firm to do a China joint venture, seven other firms put their names in contention for the deal, says Pat McGovern, founder and chairman of International Data Group, the parent of IDG Ventures.

Source: Private Equity Week

For more information, please contact:
Howard Sholkin
howard_sholkin@idg.com
617-239-7882