Venture capital firm Granite Global Ventures has closed its third fund, Granite Global Ventures III fund at $800m (€637.8bn) after the fund was oversubscribed and doubled its assets under management.

The fund will take lead investor positions with expansion-stage companies in the US and China. Granite plans to invest the fund primarily in technology-based companies, including software, new media, computing, networking, and services, as well as emerging industry sectors in Asia.