China-based smart meter manufacturer Suntront plans to form a RMB 500m ($81.7m) corporate venturing fund with asset manager First Capital Investment Management, China Money Network reported yesterday, citing a regulatory filing.
Suntront and First Capital will each commit 10% of the capital for the fund, while the rest will be raised from external limited partners.
The fund will target companies operating in the smart grid and smart city space, as well as those developing related software. Its establishment would mark the entry of Suntront into the corporate venturing arena.