Infotech Pacific Ventures has raised $41 million of a $100 million fund, according to a regulatory filing. The fund is based in Palo Alto, Calif., but operates out of the Haidian District of Beijing. The Infotech staff also manages about $15 million in loans from the State Electronic and Information Industry Development Fund, and is authorized to invest it in up to 50 projects.
Infotech has been working closely with the Chinese Ministry of Information Industry and invests in circuits, software and components. The firm, which was founded in 2000, has invested in over 20 Chinese startups to date.
Infotech Pacific Ventures counts Procific, of Abu Dhabi, as one of 10 limited partners and Montagu Newhall lists Infotech in its Montagu Newhall Global Partners III portfolio. Previous limited partners have included China Putian and Hisense Company Ltd., according to CapitalIQ.
Fang Roger Li, Tingru Liu and Terence Eng Chuan Tan are listed as fund promoters.
Information technology investment is becoming increasingly crowded in China. Financing rounds doubled in the second quarter to 40, up from 19 during the same period last year, according to data compiled by Dow Jones’ VentureOne. VCs poured $314 million into the IT space last quarter, up 176% from the $113 million they invested in the same quarter a year ago. —Alexander Haislip