Former Sohu President Victor Koo Starts 1Verge Search Fund
From Red Herring:
"Victor Koo, who resigned as president and COO of Chinese portal Sohu.com in November 2004, has ended months of speculation in the Chinese media regarding his next career move and said Monday he has ended a six-month sabbatical and formed a new venture.
Called 1Verge, the new Beijing-based company will focus on convergent wireless and Internet media. But Mr. Koo has deliberately left open exactly what 1Verge will do.
Search funds, which originated in the mid-1980s at Stanford University, are investment vehicles headed by entrepreneurs who raise money with the intention of acquiring existing companies or launching new ventures.
1Verge is backed to the tune of “a couple of million dollars,” said Mr. Koo, by eight investors, including angels and endowment funds, all from the United States."