SBI and Fudan Univ. To Launch Funds In China

SBI Holding, Inc. a financial conglomerate, announced that SBI and Fudan University, one of China's leading universities in Shanghai will jointly establish two private equity funds in China. One fund will be US$ based and the other RMB based. SBI and Fudan plan to engage in joint fund raising activities for the RMB fund in China. SBI will establish a fund management company in China to manage both funds. SBI has so far established JV funds with Beijing University and Tsinghua University. In China, major universities serve as the basis for the formation of industrial groups. So this time the funds will invest in start-ups and related companies of Fudan who mainly focus on the fields of biotechnology, green technology, IT, media and alternative energy.