The state investor injected about $7.9m into the Yingzhi RMB Fund, which is aimed at early-stage digital media and technology companies in China.
NDRC has been searching for opportunities to invest in government-backed venture funds targeting high-tech sectors according to a report in the Asian Venture Capital Journal.
It said Gobi launched the fund in March last year and reached a $47m close in January.
Shanghai-headquartered Gobi manages four funds with more than $300m of assets, and has funded dozens of early stage companies in the region.
In March it netted a 60 per cent IRR by selling online games company CIB Development alongside angel investors in a deal which valued the company at $14m.
Copyright © 2012 AltAssets
You must be logged in to post a comment.