China's first national-level yuan-denominated fund of funds (FOF) -- Guochuang FOF -- will make venture capital investment totaling 670 million yuan (about 104 million U.S. dollars).
The planned venture capital investment will go into four other yuan-based funds, announced Yuanhe Capital, a professional FOF investment management organization of the Suzhou Ventures Group (SVC), in a statement Wednesday.
Yuanhe Capital is put in charge of overseeing management of Guochuang FOF's venture capital arm. It failed to say for certain when the projected investment plan will be executed.
The statement, which was posted on the website of the SVC, said the four yuan-based funds, including Eastern Bell Venture Capital and Ceyuan, have a combined value of more than 3 billion yuan.
Guochuang FOF was officially established in December last year, with an authorized capitalization of 60 billion yuan. Registered in Suzhou Industrial Park, Jiangsu Province, it is the joint creation of the SVC and China Development Bank Capital Co., Ltd., a wholly-owned subsidiary of the China Development Bank.
In addition to the venture capital arm, Guochuang FOF also features a private equity arm with 10 billion in capital.
