China-based internet company 37 Interactive Entertainment and private equity firm Oriental Fortune Capital have partnered to establish entertainment-focused vehicle OFC & 37 Internet Entertainment Fund.
The two partners signed the agreement at the OFC Enterprise Service & Internet Entertainment Industry Entrepreneur Summit on April 24, though the deal was only officially announced with a press release on Wednesday.
The fund has a target size of RMB1bn ($150m) and has achieved a first, oversubscribed close at more than RMB500m.
The fund will target the entire range of the entertainment sector and will make equity investments as well as backing movies, television and web series.
37 Interactive Entertainment will offer its expertise on areas including video games, film and television, literature and music, and provide access to its resources. Oriental Future Capital will offer its expertise gained through investments in film and TV, anime and video games companies.