CIC, Temasek, Hopu back Shenzhen innovation fund

Financial terms were not disclosed but local media reported the fund has a full target of $800 million.

The Shenzhen-domiciled Hou An Innovation Fund will invest in global hardware companies, including semiconductor, mobile chip, internet-of-things (IoT) and cloud network infrastructure developers, as well as software service providers operating in the areas of artificial intelligence, virtual reality and augmented reality, according to a statement.

UK-based chip maker ARM and China-focused GP Hopu will manage the vehicle, with a view to utilizing ARM's global industrial resources, as well as Hopu's investment expertise.

Japan’s SoftBank acquired ARM last year in a deal worth $32 billion. The company, which designs chips used by smartphones and other connected devices, has a strong interest in growing its hardware and software offerings in the IoT area. Hopu was set up in 2007 by Fang Fenglei and Richard Ong and raised a debut fund of $2.5 billion. The co-founders left in late 2010. Fang subsequently raised funds on his own, while Ong set up RRJ Capital. Hopu currently manages $6.9 billion across three US dollar-denominated funds, the statement said.

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• Topics
• Greater China
• Fundraising
• Technology
• China
• TMT
• CIC
• Temasek Holdings
• Hopu Investment Management
• Softbank