Redbud Capital, a unit of Tsinghua University’s investment firm Tsinghua Holdings, is launching a RMB1bn ($150m) venture capital fund of funds, China Money Network reported on Friday.
Redbud is setting up the vehicle with two partners: State-owned Assets Supervision and Administration Commission (Sasac), a government authority responsible for managing publicly-owned assets, and Zhejiang China Commodities City Group, a holding company that invests in real estate, hotels and retail.
The amount each partner committed to the fund has not been confirmed.
Tsinghua said in June that it aims to commit at least $7.6bn to research over the next five years and will set up a commercialisation fund to boost innovation.
Sasac meanwhile said last July that it plans to create up to three new funds to invest in scientific and technological innovation to help Chinese businesses compete on an international level.
