US-based mutual fund manager Fidelity Worldwide Investments’ Asian corporate venturing unit is reportedly preparing to launch its biggest China venture capital fund next year worth at least $250m.
News provider Reuters said the fund would be managed by Fidelity Growth Partners Asia (formerly known as Fidelity Asia Ventures) and invest about half of the capital in healthcare firms and the remainder in consumer and information technology.
Fidelity Growth Partners Asia has invested in Asia for more than 15 years and has investment teams in Hong Kong, Beijing and Shanghai.
Fidelity has been an active private equity investor for more than 40 years through three other international funds,Fidelity Growth Partners Europe, Fidelity Biosciences and Fidelity Growth Partners India, after spinning out its US team to form Volition Capital.