The investment firm, which counts several corporates as backers, has completed the first close for a fund with a $1.48bn target, following commitments from China Everbright Trust and two state-backed funds.

NewMargin Ventures, a China-based investment firm backed by food producer Kerry Group and telecommunications equipment provider Motorola Solutions, has reached the first close of a RMB10bn ($1.48bn) fund.

The fund has so far raised approximately $187m from limited partners including state-owned conglomerate China Everbright and two government-backed funds, NewMargin revealed in a statement on its WeChat account.

Founded in 1999, NewMargin Ventures focuses on high-margin manufacturing and state-owned enterprises, as well as civil-military integration, a national strategy designed to transfer…