U.S.-based venture capital firm GGV Capital has reportedly closed its fourth fund with US$625 million in commitments. The fund has a dual structure comprising of a US$520 million U.S. dollar vehicle and a RMB650 million (approximately US$105 million) local currency vehicle. The U.S. dollar fund will invest in both the United States and China, while the RMB-denominated fund will invest only in China.