(Yicai Global) Sept. 25 -- Shanghai International Group Co., Shanghai Guosheng (Group) Co., Shanghai International Trust Co. and Shanghai International Port Group Co. [SHA:600018] set up Shanghai Technology Innovation Center Equity Investment Fund Management Ltd., Eastday.com reported.

The fund aims to have USD4.62 billion (CNY30 billion) worth of assets under its management and raise CNY6.52 billion in its first tranche of financing. It will focus on the information technology, biomedicine, advanced manufacturing, environmental protection and new energy industries and invest in sub-funds and emerging tech companies and startups.

The fund will put 80 percent of the money it raises in sub-funds and pump 20 percent into key tech firms with innovative projects whose technological achievements lend themselves to being transformed into products that groups could easily industrialize.

Shanghai Kechuang Center Equity Investment Fund Management has signed its first batch of projects, covering the IT, high-end equipment, new materials, biotech and new energy sectors.