A fund managed by a Hong Kong-based firm is focusing on businesses that are led by women.

Hong Kong-based Delphinium Capital Partners has held the first close of a fund that targets investments in firms led by women in the Asia-Pacific region. Family offices and entrepreneurs are among the fund's backers, the firm said.

The Delphinium Female Leadership Fund I is an exempted limited partnership fund. It has so far raised $16 million of new capital. 

"We believe our emergence on the scene can help bring better awareness to the issue of gender diversity within the industry," said Vivian Yan, executive director of DFL Fund Management.

The fund is an unlisted investment vehicle seeking to provide growth capital to mid-sized companies operating in Asia-Pacific with strong female participation at the C-level. It was founded in October 2016.

Ka Shi Lau, managing director and chief executive of BCT group, Ming San Kwan (known as Savio), founder of A&K Consulting and former COO of Alibaba, are members of the board of advisors to the fund.