Property firm San Sheng Hong Ye has contributed to a China-based venture capital fund with an overall capital target of RMB5bn ($732m), China Money Network reported on Wednesday.
Suzhou Hongtu Big Data Venture Capital Fund is an initiative formed jointly by private equity firm Shenzhen Capital Group, which will manage it, and the municipal government of Chinese city Suzhou.
The fund, which will raise an initial RMB500m, has also attracted commitments from Zhangjiagang Jinmao Investment Development and a planned new economic development area named Suzhou Gaotie New Town.
Suzhou Hongtu Big Data Venture Capital Fund will look to identify opportunities in areas including big data trading platforms, software-as-a-service, semiconductors, sensors and digital technologies. It is also hoping to partner industry funds and financial institutions to incubate big data technologies.
The overall aim of the fund is to help consolidate the various companies operating in the big data supply chain around the Yangtze River Delta region, which roughly comprises the city of Shanghai, the province of Jiangsu to the south and the province of Zhejiang to the north.
Shenzen Capital Group, founded in 1999, has $30.5bn under management, out of which $3.4bn originates from approximately 80 government-backed funds.
– The original version of this article appeared on our sister site, Global Government Venturing.