Two senior executives in the firm's US office have left as the corporate venturing unit of Disney is refocusing towards China and eyeing a $200m to $250m fund with third party money for the first time.
Dan Beldy and Beau Laskey have left Disney’s corporate venturing unit Steamboat Ventures, as the firm is said to be refocusing towards Asia.
A spokesman confirmed the pair had left Steamboat, after news provider Fortune reported they had left today.
The spokesman said: "Dan Beldy and Beau Laskey have decided to pursue other opportunities, and we wish them well."
Steamboat was refocusing towards investing in Asia, and it was looking to raise a $200m and $250m fund from third parties for the first time as well as Disney, Fortune added. It is understood that no target has been set for the fundraising but a final close is likely to be in the region specified by Fortune. The fund would receive a $75m investment from Disney, Fortune said. It is understood it is already receiving additional commitments from other limited partners.
Recent deal activity from Steamboat has regularly involved Chinese companies with the firm’s portfolio company YY.Com said to be eyeing an IPO this year, according to China news provider DoNews. The firm exited video sharing company 56.com to Japanese gaming company RenRen in September last year.
The rest of its Chinese portfolio is here, while its US portfolio is here.
John Ball, managing partner of Steamboat gave a detailed interview to GCV in September, as part of our media sector profile. He said in that interview: "In some sectors, such as social commerce or mobile innovation, China is developing as fast as, if not faster than, western markets, and Asia is, in general, ahead of the US or Europe."
