Japan's SBI to form joint RMB/USD funds with China's Fudan University
Japanese financial conglomerate SBI Holdings is to launch two venture capital funds in cooperation with Fudan University in Shanghai, China.
The two funds will be USD- and RMB-denominated respectively. SBI will establish a fund management company in China to manage both funds. The joint funds will aggressively invest in start-ups and related companies, according to the fund announcement. SBI is also expected to experience a multiplier effect for its business expansion into southern China.
Fudan University has strengths in the fields of biotechnology, green technology, IT, media, and alternative energy. Prior to these fund formations, the Japanese financial group had already established JV funds with companies of the Beijing University Group and Tsinghua University Group.
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