CIC, Silk Road Fund Team Up With ARM To Establish $800M Innovation Fund

China Investment Corporation, Silk Road Fund, Singapore's Temasek Holdings, ARM Holdings plc and two other investors have established a fund targeted to raise US$800 million to invest in the mobile Internet, Internet-of-Things (IoT) and artificial intelligence sectors globally.

Shenzhen government-owned conglomerate Shum Yip Group Ltd. and Chinese private equity firm Hopu Investment Management Co are also backers of the Shenzhen-based vehicle named Hou An Innovation Fund, according to an announcement posted on China's Ministry of Science and Technology's website.

ARM and Hopu will be managing the vehicle, utilizing ARM's global industrial ecosystem and resources, as well as Hopu's investment expertise. With US$3 billion assets under management, Hopu was co-founded by Chinese dealmaker Fang Fenglei,...

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