Automotive parts supplier Valeo has backed the Cathay Capital-formed Sino French Innovation Fund, which aims to raise about $280m before close.
France-based automotive parts supplier Valeo has provided an undisclosed sum for the Sino French Innovation Fund, launched by private equity firm Cathay Capital to invest in startups across France, China and the US.
The fund aims to raise €250m ($281m) for its final close, after securing a combined $112m cornerstone investment from China Development Bank, a financial institution owned by China’s government, and French state-owned investment fund Bpifrance in July 2014.
Valeo’s partnership with Cathay will help the fund identify…
