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Fund to grow funds
By Richard Fu |
December 24, 2010, Friday
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Print Edition
Print Edition
A venture-capital guiding fund, a policy fund newly established by the Shanghai city government, will soon partner private-sector capital to form new funds or companies to invest in the information technology and biotechnology industries, the Shanghai Development and Reform Commission said yesterday.
The 3 billion yuan (US$452 million) fund will also help set up specific funds in strategic industries such as alternative energy, high-end equipment manufacturing and advanced materials, as the government aims to lure the private sector to help develop these emerging industries.
The guiding fund is now hiring management talents for its proposed funds for the IT and biotechnology sectors, the commission said.
The 3 billion yuan (US$452 million) fund will also help set up specific funds in strategic industries such as alternative energy, high-end equipment manufacturing and advanced materials, as the government aims to lure the private sector to help develop these emerging industries.
The guiding fund is now hiring management talents for its proposed funds for the IT and biotechnology sectors, the commission said.
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