BrokerDealer.com blog extract is courtesy of New York Times Dealbook

SHANGHAI – James W. Breyer, the venture capitalist who made a fortune with an early bet on Facebook, is putting some of his winnings to work in China, partnering with Beijing-based venture capital firm to invest in Chinese technology start-ups.

IDG Capital Partners said on Wednesday that Mr. Breyer, a longtime partner at Accel Partners in Palo Alto, Calif., would advise and invest alongside a $586 million IDG fund that closed June 3. The fund is expected to make early stage investments in Chinese technology, media and telecommunication companies.

The announcement comes as interest soars in Chinese technology companies after two years of frenzied deal-making, much of it involving China’s Internet giants: Alibaba, Baidu and Tencent. Those three companies alone have spent more than $10 billion buying up start-ups and rivals during the last few years.

And with other technology highfliers here, including JD.com, the Chinese e-commerce company that recently raised $1.78 billion in its New York public listing, China has rapidly become a prime destination for the world’s biggest venture capital and private equity firms. Among the biggest and most active in China are Sequoia Capital, Qiming Ventures, SAIF Partners, IDG Capital Partners and Northern Light Venture Capital.

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