Co-Founder Of Venture Firm Plans Yr Stint In China

Have any doubts Silicon Valley's venture capitalists are really going global? More proof: Dick Kramlich, one of the region's longest-serving technology investors, is picking up stakes and moving to Shanghai for a year.

'My daughter calls it 'senior year abroad,'' said Mr. Kramlich, 72 years old. In January, he is headed to China with his wife of 26 years, Pamela, to drum up deals for New Enterprise Associates, the venture firm he co-founded in 1978. The Kramlichs, who live in San Francisco and are known for their art collecting, already have rented a three-bedroom apartment in Shanghai's glitzy Xintiandi district.

Many brand-name Silicon Valley venture firms have been moving into China, including NEA, Sequoia Capital and Kleiner Perkins Caufield & Byers, among others. The push into overseas markets has intensified in recent years as venture returns in the U.S. have remained relatively mediocre and venture capitalists seek better returns in fast-expanding economies abroad. Still, U.S. venture firms often are criticized for not understanding the way business is done in China, and for being part-time 'fly-in' investors who aren't committed to the country.

NEA, which has offices in Menlo Park, Calif., Baltimore and Chevy Chase, Md., made its first investment in China in 2000. It has put about $300 million in Chinese companies such as chip makers Semiconductor Manufacturing International Corp., known as SMIC, and Spreadtrum Communications Inc. Other investments include Redbaby Information Technology Co., which delivers baby products to new mothers at home, and Lianlian Pay Inc., a mobile-payment-service provider, said Scott Sandell, the NEA partner in charge of the firm's China practice.

But making money from Chinese investments is tough. NEA sank about $120 million into SMIC, for instance, and the company went public three years ago. While SMIC's shares were originally offered at $17.50, they were recently trading at under $5.

NEA's Mr. Sandell, 43, was the obvious candidate to move to China when NEA decided to put a U.S. partner on the ground there. But Mr. Sandell has small children and was concerned about the move, he said. So Mr. Kramlich, at his wife's urging, volunteered to go instead. 'My partners couldn't believe it,' said Mr. Kramlich, whose firm has about $8.5 billion in committed capital. He adds: 'How many times do you have the chance to move to the eye of the storm?'

'I think Dick can advance relationships [in China] because of his stature,' Mr. Sandell said. Mr. Kramlich said he will investigate launching an investment fund denominated in Chinese yuan, instead of U.S. dollars, which would allow NEA to more easily take companies public on Chinese stock exchanges.

NEA also has focused on recruiting local talent in China. In the past six months, the firm has hired two senior venture advisers: Songde Ma, a former vice minister of science and technology for the Chinese government, and Xincheng Yuan, who last year retired as vice chairman and chief operating officer of Chinese electronics manufacturer TCL Corp.

They will be working alongside Mr. Kramlich, who worked in the late 1960s and 1970s with pioneering tech investor Arthur Rock, one of the investors behind Intel Corp. and Apple Inc.

Some might view Mr. Kramlich's Shanghai adventure as a symbol of the overexuberance many investors are showing for China. Valuations for China deals, particularly at later stages, have skyrocketed, investors said. And with so many inexperienced venture firms flocking east, it seems likely there will be some big losses to mop up later.

But NEA seems sure about its strategy. 'Of course it's a bubble,' Mr. Sandell said of the China-investing craze. 'But it might last 50 years.'

对硅谷的风险投资家们正在真正走向世界是否仍心存怀疑？那么再看看这个例证：硅谷资历最长的科技投资家之一迪克•克拉姆里克(Dick Kramlich)正要打点行装，到上海呆上一年。

现年72岁的克拉姆里克说，“我女儿说这是‘海外夕阳红’”。明年1月份，他将和共同生活了26年的妻子帕米拉(Pamela)去中国为他的New Enterprise Associates(NEA)争取业务，这家公司是1978年克拉姆里克和别人合伙成立的。两人已在上海的新天地一带租了一套有三个卧室的公寓。克拉姆里克夫妇目前住在旧金山，他们在艺术收藏界小有名气。

除NEA之外，硅谷还有多家知名风险投资公司也将目光转向了中国，如Sequoia Capital和Kleiner Perkins Caufield & Byers等等。因近年来美国国内的风险投资回报乏善可陈，为在其他快速发展的经济体寻求更高的回报，风险投资家们加快了向海外市场进军的步伐。不过，美国公司经常被批评不了解中国的经商之道，而且对中国不够投入，只是偶尔空降型的投资者。

NEA在加州门洛帕克以及马里兰州的巴尔的摩和切维蔡斯都有办事处，该公司2000年在中国有了第一笔投资。据NEA负责中国业务的合伙人斯科特•桑德尔(Scott Sandell)表示，该公司目前已向中国公司投资约3亿美元，这些公司包括中芯国际(Semiconductor Manufacturing International Corp.)和展讯通信(Spreadtrum Communications Inc.)。其他的投资项目还包括为年轻妈妈提供婴儿用品上门服务的Redbaby Information Technology Co.和手机付费服务供应商Lianlian Pay Inc.。

但是从中国投资项目中获利并不容易。比如，NEA向中芯国际投资了1.2亿美元，后者3年前已上市。它的发行价是17.50美元，而目前其股价还不到5美元。

当NEA决定将一位美国合伙人派驻到中国去的时候，43岁的桑德尔显然是最佳人选。但是桑德尔的孩子还太小，他对举家搬到中国生活有顾虑。后来，在帕米拉的怂恿下，克拉姆里克决定亲自出马。NEA有85亿美元的承诺注资。克拉姆里克说，自己的合伙人当时都不肯相信。不过克拉姆里克说，人的一生能有几次机会亲自到暴风中心去呢？”

桑德尔说，“我认为迪克能凭借自己的才干推进公司在中国的业务关系。”克拉姆里克说，他将考虑推出一只人民币（而不是美元）投资基金，这样NEA让被投资的公司在中国上市时会容易些。

NEA还在中国大力招募本地人才。过去6个月，公司已聘请了两位高级风险投资顾问：曾任中国科技部副部长的马颂德，以及去年退休的前TCL副董事长兼首席运营长袁信成。

他们将和克拉姆里克一道工作。克拉姆里克在上世纪60年代末和70年代曾与科技业投资先锋亚瑟•洛克(Arthur Rock)共事。洛克是英特尔(Intel Corp.)和苹果公司(Apple Inc.)的投资人之一。

像克拉姆里克这样的上海计划或许会被一些人视为投资家对中国热情过度的又一例证。投资界人士说，中国交易的股价（尤其是到后期）已经升得太高了。随着大量的风险投资新手涌向东方，看起来到最后少不了会出现一些损失惨重的事。

但是NEA似乎对自己的战略把握十足。桑德尔谈到对中国的投资热时说：当然有泡沫，但这有可能是个持续50年不破的泡沫。

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