China-based electronics manufacturer Haier Group has formed a RMB 320m ($52.1m) investment fund in partnership with private equity firm SAIF Partners, China Money Network reported on Friday.
The fund, called Qingdao Haier SAIF Smart Home Industry Center, is being established by Haier Group, SAIF Partners and three individual investors, and will invest in smart home products and services in China, which Haier sees as a key strategic growth opportunity going forward.
Haier Group will invest $32m in the fund, equating to 63% of its capital, while its corporate venturing arm Qingdao Haier Venture Capital is providing $1.6m, with both participating as limited partners.