The organisations are teaming up to invest in areas such as e-commerce and internet services, smart retail and artificial intelligence, and business-to-business software solutions.
Investcorp, which provides and runs alternative investments such as private equity, and China Everbright, a Hong Kong-based investment house in Greater China, have joined forces to drive work in the technology space.
The combined team and investment committee will jointly manage the China Everbright New Economy Fund I. Investcorp and China Everbright also plan to explore the idea of building a successor private equity fund, jointly managed by the two parties.
Technology firms across the spectrum, from e-commerce and internet services, to smart retail and artificial intelligence to business-to-business software solutions will be considered as key targets for the team, the parties said.
“This is our most significant step so far towards expanding our footprint into the fastest growing economy in the world, China, and is in line with our strategy of growing AUM through global expansion,” Hazem Ben-Gacem, co-chief executive of Investcorp, said.
Investcorp, which oversaw a total of $28.2 billion of assets as at the end of June, and China Everbright initiated their first collaboration in September 2018 through a fund specialising in China’s technology sector.