GSR Ventures has announced the closing of a $383 million new fund, "dedicated to investing in technology companies with operations in China," with the first investment to be placed in iLemon, the Shanghai-based developer of the (previously mentioned) Music Mogul.

The new fund, GSR Ventures III, was apparently "over-subscribed," and GSR Ventures was formed in 2004 with the mission to "build the next generation of world class technology companies in China."

GSR invested 9 companies in China in 2008, and had 26 portfolios as of the end of 2008.

“With the new fund in place we will continue to actively seeking talented entrepreneurs and help them to build great companies,” said Sonny Wu, one of GSR’s founding Managing Directors. “We are building on our early success in the first two funds and are expanding into new sectors like green technology.”