Menlo Park, California-based venture capital firm DFJ (Draper Fisher Jurvetson) will close down its China office in Shanghai.
Hope Chen, DFJ’s China investment chief, will remain a managing director to oversee DFJ’s existing investments in China, according to media reports.
The change is part of an overhaul of DFJ’s global operations. Tim Draper, co-founder of DFJ, will skip the firm’s next fund and temporarily focus on other projects including Draper University. John Fisher, another co-founder, is leaving the firm.
Founded in 1985, DFJ is planning to close down its India office as well.
All changes will become effective when DFJ raises its next fund, potentially early next year. The new fund is targeting to raise around US$300 million.
(Correction: an earlier version said that Tim Draper is leaving DFJ.)
