China-based cloud-based software provider Kingdee and state-owned financial services firm Guosen Securities have partnered to create a RMB 1bn ($160m) fund, China Money Network reported earlier today.
The two businesses have set up an as yet unnamed joint-venture fund management company. Kingdee will hold 49% of that company, while Guosen will hold 51%.
Kingdee will invest $63m in the fund, while the fund management company will provide $1.6m. with Guosen responsible for securing the remaining capital from third-party backers.
The fund is set to identify startups in the cloud services, internet finances, and big data sectors that offer added value to Kingdee’s market.