Technology-focused venture and private equity firm SummitView Capital has launched a RMB10 billion (US$1.7 billion) fund in collaboration with the Shanghai government to invest in the semiconductor sector, according to a company announcement.
The fund will acquire global semiconductor design companies and help them expand their market share in China by increasing sales, marketing activities and engineering.
Headquartered in Shanghai with offices in Beijing and San Francisco, the fund’s anchor investors include the Shanghai Science & Technology Investment Corporation, Shanghai Jiading Investment Management Corporation, Semiconductor Manufacturing International Corporation (SMIC), MediaTek Corporation and Tsinghua Holdings Corporation.
In addition to the initial funding, SummitView Capital has also signed agreements with China Development Bank, Bank of Shanghai, Shanghai Pudong Development Bank, China Merchant Bank and Bank of China to secure debt financing of RMB30 billion (US$5 billion) to support its activities.
Co-founded in 2010 by Dr. Wu Ping, co-founder of Spreadtrum Communications Inc. and Li Feng, former partner at Vantage Point Capital Partners, SummitView Capital focuses on investing in the semiconductor sector in China.