Of the $500 million raised by Silk Ventures, half comes from SASAC, the State-owned Assets Supervision and Administration Commission of the State Council, which supervises and regulates state-owned enterprises in China, reports Bloomberg.
The remaining half of Silk's fund has been raised from a group of investors the company declined to identify. It said in a statement that it will announce its first investments in July. The company launched an accelerator based in London's Canary Wharf in 2015, which provides support to China-focused startups.
Silk Ventures aims to match Chinese corporates with European and American startups producing technologies that can fill the regional demand. The group's VC partners in London and Silicon Valley will focus on sourcing those startups for potential investment. Silk Ventures will consider individual investments as much as $50 million, or ten percent of the fund’s total.