Jenny Lee charts a new, Asia-focused venture capital path with Granite Asia

Jenny Lee, a veteran of deals that include Alibaba, Didi and Xiaomi, now heads Granite Asia, the Asian arm spun out from GGV Capital following a U.S. congressional probe into China-focused investments. The Singapore-based fund, managing about $5 billion, intends to become the primary source of capital for startups across the region, anchored in local markets rather than foreign funds. Lee highlights the need for more nuanced, country-specific products as the global economy shifts toward clustered economies led by the U.S. and China.

Granite Asia is expanding into private-credit financing to help second-generation family businesses transition without full exits. Opportunities Lee cites include health-tech innovation and building alternative supply chains that move manufacturing to Singapore or the Middle East and assemble in Southeast Asian nations. She also notes a rise in female founders, especially seasoned entrepreneurs entering new ventures later in life.