China New Era Technology Fund to be worth $15bn
A China-backed fund is being set up which plans to raise $15bn to inject into technology companies all over the world.
China New Era Technology Fund will include funding from China Merchants Group as well as asset management company SPF Group and Centricus, which are both Europe based. The fund aims to “invest or acquire firms across China and around the world,” according to Reuters.
Dalinc Ariburni, co-founder of Centricus, which also advised Softbank on its $100bn Vision Fund, said: “The technology revolution is taking place much faster than expected and this is creating a big race for investments in this space. We are at a stage where the size of available funds and ability to access bigger markets will be a game changer.”
China Merchants Group’s investment arm, China Merchants Capital Investment Management Co will together with other Chinese investors contribute up to 40% of the fund.
Meanwhile, Centricus and SPF Group are forming a joint venture, Centricus SPF, which will assemble international investors for the rest of the fund.