Suzhou provides input to $732m big data fund
Posted on 19 January, 2017 by Thierry Heles, editor
Suzhou city’s government has partnered Shenzhen Capital Group to launch a $732m fund that will invest in sectors such as big data, sensors and cloud technologies.
The city government of Suzhou in China and private equity firm Shenzhen Capital Group have partnered to launch a RMB5bn ($732m) initiative dubbed Suzhou Hongtu Big Data Venture Capital Fund, China Money Network reported yesterday.
The fund, which will raise an initial RMB500m, has also attracted commitments from property firm San Sheng Hong Ye as well as Zhangjiagang Jinmao Investment Development and Suzhou Gaotie New Town, a planned new economic development area.
The fund will be managed by Shenzen Capital. It will identify opportunities in areas including big data trading platforms, software-as-a-service, semiconductors, sensors and digital technologies.
The Suzhou Hongtu Big Data Venture Capital Fund 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 Shanghai, the southern Jiangsu province and the northern Zhejiang province.
Shenzen Capital Group, founded in 1999, has $30.5bn under management, out of which $3.4bn originates from approximately 80 government-backed funds.
See more from this Government Report: People's Republic of China
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