Fidelity Worldwide Investments is planning to target China with a new $250m fund – it’s biggest in 16 years of investing in the region.
The fund, which will be managed by Fidelity Growth Partners Asia, is being launched as the firm believes its three existing venture funds will be fully invested by the end of the year.
It has previously supported companies such as online marketplace Alibaba, mobile security service Netquin and specialist pharmaceutical company Novamed through its current funds, which total $450m.
Senior executive Norman Chen told Reuters the decision marked the firm’s commitment to China despite on-going volatility in the market.
He said the firm had applied for a licence to convert US dollars into Chinese yuan for the fund to make it more competitive against local rivals.
Last month Fidelity’s Indian arm led a $40m financing round for Hyderabad-based pharmaceutical ingredients maker Aptuit Lauras.
Copyright © 2012 AltAssets