China-based online game developer Perfect World yesterday established a venture capital fund, investing RMB643.5m ($100.7m). The fund will concentrate on the technology, media and telecommunications (TMT) sector.

The fund will be formed by a subsidiary company owned by Perfect World, in conjunction with several as yet unnamed partner companies from outside. Perfect World’s investment will be made over a nine year period, as a limited partner.

Founded in 2004, Perfect World develops on-line virtual reality games, or massively multiplayer online role-playing games (MMORPG), and its flagship game shares its name with the company. Perfect World acquired the US-based MMORPG developer Cryptic Studios from video games corporation Atari for $50m in May, and paid $8.4m for a stake in game company Runic Games, in 2010.

Michael Chi, chairman of Perfect World, said: "We are very pleased to start the process to invest in a TMT-focused venture capital fund. We believe our…

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