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China technology

UK's Centricus teams up with Chinese firms to set up US$15 billion tech fund

The fund will be used to invest in and buy technology companies predominantly in China

PUBLISHED : Monday, 02 July, 2018, 11:04am
UPDATED : Monday, 02 July, 2018, 11:04am

London-based investment firm Centricus has partnered with Chinese firms China Merchants Group and SPF Group to launch a 100 billion Chinese yuan ($15.1 billion) fund to invest in technology companies, the three companies said on Sunday.

The fund will be used to invest in and buy technology companies predominantly in China but also globally, the companies said.

China Merchants Capital Investment Management Co Ltd, the investment arm of conglomerate China Merchants Group, and other China-based investors will contribute up to 40 per cent to the fund, the companies said in a statement.

Centricus and asset management company SPF Group will form a joint venture which will be tasked with assembling international investors, they said.