Walden International
| Company type | Private |
|---|---|
| Industry | Venture capital |
| Founded | 1987 in San Francisco, California, United States |
| Founder | Lip-Bu Tan, Peter Liu |
| Headquarters | San Francisco , United States |
Area served | Asia, United States, Europe, Israel |
Key people | Lip-Bu Tan (Chairman and CEO) |
| Products | Venture capital investments |
| Website | waldenintl |
Pacven Walden Management Co., Ltd. operates under the trade name Walden International and is a venture capital firm based in San Francisco, California, United States. The firm primarily concentrates on investments within Asia and is recognized as one of the pioneering venture capital entities to establish a presence in the region, significantly contributing to the advancement of technology in China.
History
Walden International traces its roots back to the Walden Group (currently Walden Venture Capital), which was established in 1974 by Art Berliner and George Sarlo in San Francisco. The company’s name draws inspiration from Henry David Thoreau’s book Walden, symbolizing a commitment to challenging conventional norms. In 1983, during a period when the U.S. venture capital market was overheated, the firm recruited Lip-Bu Tan to spearhead its expansion into Asia; Tan quickly rose to become a senior partner.
In 1987, following an invitation from Li Kwoh-ting to invest in Taiwan, Tan and Peter Liu founded Walden International as an Asian extension of the Walden Group. Early backers included development finance organizations, governmental bodies, and regional banks. Utilizing its Silicon Valley connections with Chinese American venture capital experts, the firm successfully raised funds from Taiwanese sources. Initial investments took place in Northern California, with a notable achievement being assistance in taking Powerchip public on the Taipei Exchange. The Chinese name for Walden, huádēng, embodies the concept of China's emergence.
Capitalizing on Singapore’s tax benefits, Walden made investments in firms such as Creative Technology, which went public on the Nasdaq in 1992. In 1994, Walden Israel was created as an affiliate leveraging global networks. By 1995, Peter Liu departed to concentrate on his own venture, WI Harper.
By the year 2000, both Walden International and Walden Israel had separated from Walden Group. Initially centered around computer peripherals and electronics, Walden International broadened its scope to encompass various technology sectors and expanded into markets including India, Japan, and Malaysia. Significant investments during this period included Ariba, Check Point, Mindtree, and Jobstreet.
By 2004, the firm had developed a strong emphasis on the semiconductor industry—a field often shunned by other investors due to extended timelines and inherent risks—with key investments such as Inphi Corporation and Aptina. Due to difficulties in raising funds, Walden Israel ceased operations in 2008.
In 2009, Lip-Bu Tan assumed the role of CEO at Cadence Design Systems while continuing as chairman of Walden International, managing executive responsibilities across both organizations whose investment portfolios frequently intersected.
In November 2021, Walden International introduced Walden Catalyst, a $550 million fund aimed at early-stage deep technology startups across the U.S., Europe, and Israel.
Investments in China
Walden International initiated its first China-focused fund in 1994 with $7.5 million secured from the World Bank. Among its early prominent investments was Mindray. The firm led funding for Sina Corporation, supporting its Nasdaq debut in 2000—an influential venture capital transaction that enhanced Walden’s connections with senior Chinese government officials.
In October 2017, Walden International collaborated with China Everbright Limited to establish the $500 million Walden CEL Global Fund I, concentrating on China’s semiconductor sector. Between 2017 and 2020, Walden completed 25 investments in Chinese chip enterprises, accounting for more than 40% of U.S.-backed semiconductor deals in China during that timeframe. Since 2020, it has ranked third in semiconductor investments within China, following Sequoia China and Matrix Partners China.
In July 2023, the U.S. House Select Committee on Strategic Competition conducted inquiries into several American venture capital firms—including Walden International—regarding their financing of Chinese technology companies like Semiconductor Manufacturing International Corporation (SMIC), China’s largest chip manufacturer. A report published in February 2024 disclosed that Walden and four other firms invested upwards of $1 billion into China’s semiconductor industry since 2001—a sector considered a national security concern by U.S. authorities. The document emphasized Walden’s establishment of multiple chip-focused funds alongside Chinese state-owned enterprises and government agencies. Over several decades, Walden invested $52 million directly into SMIC and tens of millions more into associated entities such as Advanced Micro-Fabrication Equipment. The firm divested its stake in SMIC by January 2021.
As reported by Reuters in April 2025, founder Tan along with Walden International held direct ownership stakes in 40 Chinese companies and maintained minority interests in an additional 600 firms, including China Electronics Corporation, which has affiliations with the People's Liberation Army.