A 10-billion yuan (US$1.46 billion) venture capital fund guided by the government was established in Shenzhen on Saturday to bolster emerging industries in the city, the Shenzhen Economic Daily reported Sunday.

Infotech Capital won the bid in July last year to be one of the supervisors of the funding project launched by the Ministry of Finance and the National Development and Reform Commission.

By adopting a partnership mechanism, the project will solicit a venture capital fund of between 5 and 10 billion yuan in the coming 10 to 15 years.

Infotech Capital had raised 6 billion yuan for the first phase of funding Dec. 22, 2016. Registered in Longgang District, the venture capital fund has both State and social contributors, such as the Postal Savings Bank of China, a Longgang-based financial investment company and a high-tech investment company based in Anhui Province.

Established in 2000, Infotech Capital has been designated by the Ministry of Industry and Information Technology to supervise the Electronic Information Industry Fund and related venture investment.

The company has invested in 47 projects and holds shares in 105 venture capital sub-funds. These sub-funds have invested in 734 projects with a total investment amount of 11.5 billion yuan, including 110 projects in Shenzhen involving 1.35 billion yuan.

(Source: Shenzhen Daily)