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Shenzhen Fortune Venture Capital Launches $805M New Media Fund

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Shenzhen-listed Hunan TV & Broadcast Intermediary Co., Ltd. says its subsidiary, Shenzhen Fortune Venture Capital Co., Ltd., has launched a RMB5 billion (US$805 million) industry fund to invest in the Internet and new media sectors in China, according to a regulatory filing.

Shenzhen Fortune Venture Capital has committed RMB898.2 million (US$145 million), or 17.96% of the fund’s RMB5 billion fundraising target, to the investment vehicle.

Specifically, the fund will seek investment opportunities in online video, OTT (Over the Top Technology) TV, mobile Internet, online gaming, online tourism, online education, digital advertising, and smart healthcare sectors.

The Changsha City, Hunan Province-based Hunan TV & Broadcast Intermediary previously invested RMB290 million (US$46.7 million) in two Chinese companies in the mobile advertising and Internet Of Things (IOT) sector.

Founded in 2000, Shenzhen Fortune Venture Capital manages 15 funds with over RMB15 billion (US$2.41 billion) under management. It has invested in over 240 companies, and exited 53 of them, of which 29 were IPOs and 24 were strategic sales or resale back to entrepreneurs.

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