The fund, formed by France-based utility GDF Suez in May, is focusing on decentralised energy and energy efficiency technology as traditional power generation loses its lustre.

A large pharmaceutical company was among the LPs as the firm reached the first close of its $190m fifth fund.

MBA Venture Fund has grown from $600,000 since its beginnings in 2002.

Sanofi has launched a vehicle called Sunrise that will invest in early-stage research and start-up companies.

Internet company Baidu has launched a personal investment vehicle for small investors to fund films and television programmes.

The software company's corporate venturing unit will team up with FRII in an accelerator for Russsia-based industrial start-ups.

RusHydro, Russia's national hydropower company, has teamed up with the state-backed investment firm for a fund that will invest in power generation projects.

Haier Group and SAIF Partners have launched the Qingdao Haier SAIF Smart Home Industry Center fund, which will invest in smart home product developers.

Lowe's is considering the formation of a corporate venturing unit, after leading a $27.6m series A round for home improvement network Porch.