Walden International
 | |
| Walden International | |
| Company type | Private |
| Industry | Venture Capital |
| Predecessor | Walden Group |
| Founded | 1987 |
| Founders |
|
| Headquarters | One California, San Francisco, California, U.S. |
Key people | Lip-Bu Tan (Chairman) |
| AUM | $5 billion (2024)[1] |
| Website | www |
Pacven Walden Management Co., Ltd. (doing business as Walden International) is an American venture capital firm based in San Francisco, California. It mainly focuses on investments in Asia and is one of the earliest venture capital firms to invest in the region.
History
[edit]The origins of Walden International can be traced back to Walden Group (now known as Walden Venture Capital), one of the earliest San Francisco venture capital firms that was founded in 1974 by Art Berliner and George Sarlo.[2][3] The firm's name comes from the book Walden by Henry David Thoreau which espoused challenging the status quo.[3]
In 1983, when the U.S. venture capital market got overheated, the firm began exploring how to export the venture capital model overseas. During that year it hired Lip-Bu Tan to open up business in the Asian Market. Shortly after, Tan became an senior partner at the firm.[2][4][5]
In 1987, in response to Li Kwoh-ting's invitation to invest in Taiwan, Tan and his colleague, Peter Liu founded Walden International as the Asian branch of Walden Group.[3][6][7][8][9] Initial investors included development finance institutions, government agencies and local banks.[9] It was able to raise capital for Taiwanese funds with relative ease from the network of Chinese Americans in Silicon Valley who were familiar with venture capital.[6] The first two investments were in Northern California.[7] Walden International helped Powerchip go public on the Taipei Exchange.[10]
Singapore followed suit, offering tax incentives to attract Walden International. The firm invested in Creative Technology which listed on the Nasdaq in 1992.[8][10]
In 1994, Walden Israel was founded as an affiliate of Walden International that would leverage its international connections.[11] During the same year Walden International launched its first China focused fund. An early investment it made was in Mindray.[9]
In 1995, Liu left Walden International to focus on his own firm, WI Harper which used the branding of Walden.[6][7][12]
By 2000, both Walden International and Walden Israel had been spun out from Walden Group to become independent.[3]
At the beginning, Walden International focused on computer peripherals and electronics but later expanded its scope to cover more areas of technology. In addition the firm expanded its coverage to include countries such as China, India, Japan and Malaysia.[9][10] It was the lead investor for Sina Corporation and helped structure the deal for it to become listed on the Nasdaq in 2000.[7][8][9][10] Other notable investments it had made at this point include Ariba, Check Point, Mindtree and Jobstreet.[9][10]
In 2008, Walden Israel shut down due to fundraising issues.[13]
In October 2017, Walden International and China Everbright Limited launcha $500 million Chinese semiconductor fund named Walden CEL Global Fund I.[14]
According to the Rhodium Group, during the 2017-20 period, Walden International made 25 investments in Chinese chip companies accounting for more than 40% of the Chinese semiconductor deals involving U.S. venture investors during that period. It came third place in terms of number of China chip investments made since 2020 which was behind Sequoia China and Matrix Partners China.[15]
In November 2021, Waldern International launched Walden Catalyst, a $550 million fund that will invest in early-stage deep tech companies in U.S., Europe and Israel.[16]
In July 2023, the United States House Select Committee on Strategic Competition between the United States and the Chinese Communist Party notified several American venture capital firms that they were being investigated over their funding of Chinese tech companies. Walden International was included due to its investment in Semiconductor Manufacturing International Corporation (SMIC), China's largest chip maker.[17] In February 2024, the committee released a report of its findings that stated five American venture capital firms (GGV Capital, GSR Ventures, Qualcomm Ventures, Sequoia Capital and Walden International) invested more than $1 billion in China's semiconductor industry since 2001, a sector considered a national security threat according to the U.S. government. Much of the report focused on Walden International which created various funds for the chip sector in partnership with the Chinese government and Chinese state-owned companies. Walden International gave $52 million to SMIC over several decades as well as tens of millions of dollars to SMIC affiliates such as Advanced Micro-Fabrication Equipment. [18]
References
[edit]- ^ Lohchab, Himanshi; Barman, Arijit (July 15, 2024). "India should focus on semiconductor design, create its own brand: Lip-Bu Tan, Chairman Walden International". The Economic Times.
- ^ a b Sinton, Peter (August 7, 1995). "The Winning Ways of Walden / Venture capital firm roams far to find successful startups". SF Gate.
- ^ a b c d "Story". Walden Venture Capital. Archived from the original on December 10, 2024. Retrieved March 15, 2025.
- ^ Nass, Gilad (September 20, 2001). "Walden: A VC fund that looks to the future - Globes". Globes. Archived from the original on September 25, 2001. Retrieved March 15, 2025.
- ^ "Story". Walden Venture Capital. Retrieved March 15, 2025.
- ^ a b c Cooke, Philip; Parrilli, Mario Davide; Curbelo, José Luis (January 1, 2012). Innovation, Global Change and Territorial Resilience. Edward Elgar Publishing. ISBN 978-0-85793-575-5.
- ^ a b c d Kenney, Martin; Han, Kyonghee; Tanaka, Shoko (March 1, 2002). "Scattering Geese: The Venture Capital Industries of East Asia: A Report to the World Bank" (PDF). UCAIS Berkeley Roundtable on the International Economy, Working Paper Series. Archived (PDF) from the original on October 2, 2024. Retrieved March 15, 2025.
- ^ a b c "Story". Walden Venture Capital. Archived from the original on December 10, 2024. Retrieved March 15, 2025.
- ^ a b c d e f Lee, Allen (2013). "25 years of Asian private equity and venture capital 1988 - 2012" (PDF). AVCJ. Archived (PDF) from the original on September 8, 2024. Retrieved March 15, 2025.
- ^ a b c d e "The pioneer of Asian VC". Forbes. April 2, 2001. Retrieved March 15, 2025.
- ^ Bashan, Tsafrir (November 26, 2001). "Walden Israel III: A success despite everything?". Globes. Retrieved March 15, 2025.
- ^ York, Tom (July 1, 2011). "On the Move with Peter Liu". Venture Capital Journal. Archived from the original on June 21, 2024. Retrieved March 15, 2025.
- ^ Feldman, Batya (March 2, 2008). "Walden Israel to close". Globes. Retrieved March 15, 2025.
- ^ Zhu, Julie (October 26, 2017). "China Everbright, VC firm Walden launch $500 million semiconductor fund". Retuers.
- ^ O’Keeffe, Kate; Somerville, Heather; Jie, Yang (November 12, 2021). "U.S. Companies Aid China's Bid for Chip Dominance Despite Security Concerns". Wall Street Journal. ISSN 0099-9660. Archived from the original on March 4, 2025. Retrieved March 15, 2025.
- ^ Park, Kate (November 1, 2021). "Walden Catalyst launches a $550M fund to invest in deep tech startups". TechCrunch. Archived from the original on December 6, 2023. Retrieved March 15, 2025.
- ^ O’Keeffe, Kate; Jin, Berber (July 19, 2023). "WSJ News Exclusive | U.S. Venture Firms' Deals in China Tech Investigated by Congress Panel". Wall Street Journal. ISSN 0099-9660. Archived from the original on July 19, 2023. Retrieved December 28, 2024.
- ^ Swanson, Ana (February 8, 2024). "American Firms Invested $1 Billion in Chinese Chips, Lawmakers Find". The New York Times. Archived from the original on September 27, 2024. Retrieved December 28, 2024.
External links
[edit]- Walden International Singapore
- Archived global official website at the Wayback Machine (archived 2010-11-30)
