Silk Ventures, a London and Beijing-based venture capital firm, closed a $500m fund.
Half of the fund came from SASAC, the China State-owned Assets Supervision and Administration Commission of the State Council, which supervises and regulates state-owned enterprises with the remaining 50% portion coming from unnamed investors.
The fund will focus on investing in the Series-A and follow-on rounds of U.S. and European fintech, artificial intelligence, medtech startups, considering single investments as much as $50m.
The first deals will be announced in July 2017.
Led by Angelica Anton, Founding Partner, Silk Ventures was created in 2015 with the target to create a bridge for technology companies seeking to expand to China and Chinese companies seeking to go global.
To this end, in the same year, the firm launched an accelerator based at Level39 in London, to support China-focused startups.
Key people in Silk, which also has offices in Menlo Park, Shenzhen and San Francisco, are: Addie Ai, Matthew Brandt, Edward Zeng, Ian Foley and Brewer Stone.