Investcorp, a global provider and manager of alternative investment products, has launched its first private equity investment in China since its inception in 1982.

Investcorp has partnered with China Everbright Limited, a sovereign-backed cross-border asset manager that is publicly listed on the Hong Kong Stock Exchange. Investcorp has agreed an investment of up to US$150 million in the second round of the China Everbright Limited New Economy Fund L.P. (the fund), as well as an additional co-investment right of up to US$100 million.

In the first round, the fund received an aggregate commitment of US$313 million from other investors that has been deployed into high-growth Chinese technology companies that operate in a wide range of market segments ranging from e-commerce and internet services, to smart retail and artificial intelligence.

Investcorp states that its investment in China's technology sector, in particular, is in recognition of the country having the world's highest number of internet users and being home to some of the fastest growing 'unicorn' technology companies valued at over US$1 billion.

"Today, China is a pivotal pillar of the global economy and a critical component of a balanced global asset allocation strategy," says Investcorp's executive chairman, Mohammed Alardhi.

The fund's portfolio comprises investments in several high-profile companies in Greater China including one of the world's largest unlisted mobile e-commerce platforms; one of the biggest long-form online video platforms; the largest online-to-offline company for consumer services; a leading deep-learning artificial intelligence platforms; a popular short-form mobile video sharing platform; one of the leading technology-driven smart retail companies; and a leading smart wireless headphone company.