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China tells EU it can't accept Russia losing its war against Ukraine, official says

China tells EU it can't accept Russia losing its war against Ukraine, official says

Yahoo04-07-2025
Chinese Foreign Minister Wang Yi told the European Union's top diplomat that Beijing can't accept Russia losing its war against Ukraine as this could allow the United States to turn its full attention to China, an official briefed on the talks said, contradicting Beijing's public position of neutrality in the conflict.
The admission came during what the official said was a four-hour meeting with EU foreign affairs chief Kaja Kallas on Wednesday in Brussels that 'featured tough but respectful exchanges, covering a broad range of issues from cyber security, rare earths to trade imbalances, Taiwan and Middle East.'
The official said Wang's private remarks suggested Beijing might prefer a protracted war in Ukraine that keeps the United States from focusing on its rivalry with China. They echo concerns of critics of China's policy that Beijing has geopolitically much more at stake in the Ukrainian conflict than its admitted position of neutrality.
On Friday, at a regular Chinese Ministry of Foreign Affairs briefing, spokeswoman Mao Ning was asked about the exchange, which was ﷟first reported in the South China Morning Post, and re-affirmed Beijing's long-standing position on the three-year war.
'China is not a party to the Ukraine issue,' Mao said. 'China's position on the Ukraine crisis is objective and consistent, that is, negotiation, ceasefire and peace. A prolonged Ukraine crisis serves no one's interests.'
She added that China wanted a political settlement as quickly as possible: 'Together with the international community and in light of the will of the parties concerned, we will continue playing a constructive role towards this end.'
China's public statements on the Ukraine war mask a more complex picture.
Just weeks before Russia launched its full-scale invasion of Ukraine, Chinese leader Xi Jinping declared a 'no limits' partnership with Moscow and since then political and economic ties have strengthened.
China has put itself forward as a possible peacemaker, but as CNN has previously reported the stakes are high for Beijing, not least potentially losing a major partner in Russia.
China has also rejected growing accusations it is providing near-military support to Russia. Ukraine has sanctioned several Chinese companies for providing Russia drone components and technology for use in missile production.
After a record assault on the Ukrainian capital Kyiv on Friday, Ukraine's Foreign Minister, Andrii Sybiha, posted pictures he said were the fragments of a Geran 2 combat drone launched by Russia. One image displayed part of the drone's alleged fuselage which said the device was made in China on June 20.
Sybiha added that night the 'Chinese Consulate General's building in Odesa suffered minor damage as a result of Russian strikes on the city. There is no better metaphor for how Putin continues to escalate his war and terror while involving others, including North Korean troops, Iranian weapons, and some Chinese manufacturers. Security in Europe, the Middle East, and the Indo-Pacific is inextricably linked.'
This year also saw allegations that Chinese nationals have been fighting with Russia in Ukraine. Beijing denied any involvement and repeated previous calls for Chinese citizens to 'refrain from participating in military actions of any party.'
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TCV's Top European Investor John Doran Relocates To Silicon Valley
TCV's Top European Investor John Doran Relocates To Silicon Valley

Forbes

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  • Forbes

TCV's Top European Investor John Doran Relocates To Silicon Valley

Revolut investor John Doran helped setup TCV's Europe operates but is now relocating to help head up its Bay Area headquarters. TCV Spotify, Netflix, and Zillow investor TCV was one of the first growth equity funds to set up an European operation. Now, John Doran, who helped open the fund's London office as a general partner, is now relocating to San Francisco to head up its operations. Doran has made a string of late-stage bets on fast-growing startups like British digital bank Revolut which was last valued at $45 billion, Swedish fintech Klarna and classified marketplace Adevinta since joining TCV in 2012. He became the fund's co-managing partner, along with TCV cofounder Jay Hoag in 2022. The move also lines up the next stage for the fund, which just celebrated its 30th anniversary and is one of the oldest of Silicon Valley's so-called crossover funds, investing in larger startups and public tech companies. Hoag continues to co-lead the fund and make investments, but Doran has emerged as the successor for the veteran investor. 'Having John here will be huge because he's very hands-on and brings a global perspective to America,' said Hoag. 'I think we really want to up our game for the next 10, 20, 30 years at TCV. I doubt I'll be celebrating the 60th anniversary in 30 years. But someone here will.' Doran's relocation doesn't mark a retreat from Europe for TCV, with partners Michael Kalfayan and Muz Ashraf now leading the London office. 'The technology market here is incredibly deep and vibrant, and with the AI revolution there's a ton of innovation happening,' Doran told Forbes . 'We see tremendous opportunity here in what's been our traditional headquarters.' Doran is one of three partners who call the shots on new investments, along with partner Woody Marshall, who is known for his 2013 bet on Spotify, now worth $144 billion, and Hoag, whose initial 1999 bet on Netflix led to TCV owning a 43% stake in the company at the time of its 2002 IPO. The streamer has ballooned to a $512 billion market cap in the two decades since, with Hoag as a board member throughout. A new wave of AI startups have helped revitalize San Francisco, but the intense competition poses a challenge for investors like TCV, which has $22 billion in assets. Rival growth funds have made huge investments in loss-making AI model builders like OpenAI, Anthropic, and Elon Musk's xAI that have soared in valuation over the last 18 months. For now, TCV has reservations about the economics of some AI players but is making bets in the application layer, like AI tracking tool Arize. Meanwhile, its existing portfolio companies are investing heavily in AI. 'It feels like a lot of this money going into AI won't have a return associated with it, but a small number will be phenomenal,' warned Hoag. 'As a growth investor, we have to identify the next generation of magical companies like Netlifx, Spotify, or Revolut.' TCV does have the dry powder to fund new AI investments after raising a new $3 billion fund last year, one of the largest fundraises for a tech-focused fund, despite broader funding challenges in the ecosystem. Pitchbook data shows that fund raising from U.S. venture capitalists collapsed to $76 billion in 2024 from its peak of $188 billion in 2021. Venture capitalists rarely disclose fund performance but TCV is backed by several public sector funds like California Public Employees' Retirement System (CalPERS) that do publish summaries of investment returns. CalPERS data shows that its investment in TCV's X fund had generated a net internal rate of return (IRR) of 21.5% and was one of the pension fund's top performing private fund investments. Software company Carta tracks investment data from over 2,500 venture funds, including earlier stage and higher risk funds, and found that funds that started investing in 2019 had a median IRR of 6.7%. CalPERS also invested in TCV's XI fund in 2021 that's currently showing a -1.5% net IRR, which is behind the Carta average of -0.9% for the cohort of funds that started investing in 2021. Other CalPERS tech fund bets from the same vintage have also undershot but it is hard to gauge long-term performance in the early innings of funds that often have a life span of more than ten years. TCV declined to comment but sources close to the fund said that it returned over $4 billion of capital to its backers in 2024 alone, and over $15 billion since 2020, with the latter period marked by a severe drought of initial public offerings and takeovers that left investors, and their backers, often starved of liquidity. Bumper initial public offerings from Coreweave, Chime and Figma this year could signal more potential exits on the horizon for tech investors like TCV. The Menlo Park-based fund has already had one of its investments Hinge Health go public this year in a $3 billion initial public offering (albeit at a 52% lower valuation than its last round in 2021), while Klarna filed to go public on the New York Stock Exchange earlier this year, and Revolut was reportedly in talks to raise at a $65 billion valuation earlier this year. 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