Focus Media and China Everbright Group are teaming for a technology, media and telecommunications investment fund that will initially target $300m in fundraising.

Advertising display firm Focus Media and Chinese state-owned investment holding company China Everbright Group launched a technology, media and telecommunications (TMT) fund yesterday that is expected to reach RMB5bn ($750m) in size.

The firms expect to initially raise $300m for the New Industry Investment Fund, which will operate as a growth fund investing in companies in the entertainment, upgradable consumer products, vertical e-commerce and internet finance sectors.

Focus Media went public in March 2015 and claims to be China’s largest listed media company. It launched a $400m sports-themed investment venture in partnership with private equity firm FountainVest Partners in April this year, and announced last month it planned to invest $75m each in four separate fund partnerships.

China Everbright formed a TMT mergers and acquisitions fund in June this year together with IDG Capital Partners, US-based media firm International Data Group’s Chinese VC affiliate.

Chen Shuang, CEO of China Everbright subsidiary China Everbright Limited, said: “As China’s largest digital lifestyle solutions provider, Focus Media’s wide-ranging digital lifestyle offerings cover top enterprises in China’s emerging industries.

“By bringing together experts and resources of both companies, this strategic partnership aims to create a new emerging industries fund focusing on the TMT sector. It also marks a milestone step forward, together, in a direction empowered by the growth concept of ‘Industry + Capital’.”