A new $15 billion investment fund targeting Chinese tech companies is set for launch by government-owned conglomerate China Merchants Group (CMG) and London-based Centricus.
According to the Chinese media, CMG along with other national groups has promised to contribute up to 40 billion yuan into the fund.
Soon-to-be-launched China New Era Technology Fund also plans activity in foreign technology sectors to assemble international investors.
Centricus and China-based asset management company SPF Group would form a joint venture with CMG. Centricus and SPF Group both will be responsible for raising the remaining 60 billion yuan from governments, universities, and other tech companies.
Centricus was co-founded by a former Deutsche Bank AG executive, Nizar Al-Bassam, and former Goldman Sachs partner Dalinc Ariburnu.