Fortune Venture Capital raises $859m

The Shenzhen-based private equity firm has held a first close on its latest fund.

Fund name: Fortune Chuanghong Fund
Fund size: 5.5 billion yuan
Stage of fundraising: First close

Fortune Venture Capital has announced the first close on its Fortune Chuanghong Fund on 5.5 billion yuan ($859 million; €709 million).

The venture vehicle will invest in companies focused on healthcare, smart manufacturing, next-generation information technology, consumer and corporate services, cultural media and military industry in China.