Pat McGovern, chairman of the global media company IDG, said IDG will probably invest in a new San Francisco-based venture capital firm focused on local investments.
IDG has several regional venture funds, including China, Vietnam and Boston, and this latest effort in San Francisco will be IDG’s second fund effort here. However, there has been a reshuffling, and this new fund will be run by a new team. McGovern said IDG will invest about 10 percent to 15 percent of the capital for the fund, which is still being raised. He says it will target $200 million to $250 million, and will focus on information tech and new media companies.
VentureWire first reported (sub required) McGovern’s remarks yesterday, and VentureBeat confirmed the story yesterday with Pat Kenealy, a former IDG chief executive who was widely known to have been leading the local team, and with Phil Sanderson, who is joining the IDG team as co-founder, leaving another venture firm, WaldenVC, to do so.
Rounding out the team is Alex Rosen, a former partner venture firm Sprout Group. Susan Cheng, who was a partner with IDG’s first Pacific fund, will remain, but as chief financial officer.
We’ll be talking more with this firm when it finally gets off the ground.