China Media Capital has attracted Alibaba and Tencent as investors for its $1.6bn CMC Holdings fund.

Internet company Tencent and e-commerce group Alibaba have backed CMC Holdings, a new vehicle of Chinese government-backed private equity fund China Media Capital, China Money Network reported today.

Private equity firm Oriza has also committed funds.

CMC Holdings is targeting a close of RMB10bn ($1.6bn), though it has not disclosed any further financial details. The fund will seek to identify startups in the content creation and hardware platforms sectors, and aim to foster an integrated media and entertainment ecosystem.

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