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(Alliance News) - IP Group PLC on Friday announced a joint venture Hong Kong-based financial services firm China Everbright Ltd to launch a fund in China.
The developer of intellectual property-based businesses said the fund will aim at providing growth capital to China-based subsidiaries of IP Group's UK portfolio companies.
The fund is expected to achieve a first close of RMB500 million, about GBP56 million, later this year and increase to RMB1.5 billion within the next three years.
The fund will deploy no less than 40% of the capital to IP Group's portfolio companies with the balance available to non-IP Group deep technology companies, the company said.
"We are delighted to partner with one of the most renowned asset management firms in Greater China to support the growth of our portfolio companies in the region. This joint venture is consistent with our stated strategy of working with high-quality partners to provide our companies with access to expertise, network and capital," said IP Group Chief Executive Alan Aubrey.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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