SB China Venture Capital will team up with Shanghai Pudong Technology Investment Co to establish a fund targeted at hi-tech industries. The size of the fund is projected to be between US$219.68 million and US$292.9 million (RMB1.5-2 billion), the Shanghai Securities News reported. They plan to have completed fundraising by early next year. Shanghai Pudong Technology Investment Co will contribute US$73.23 million (RMB500 million) to the fund, a well-informed source told the newspaper. The source added that the fund will mainly invest in the software, internet, advance manufacturing and alternative energy sectors. Government-backed Shanghai Pudong Technology Investment Co was founded as an institutional venture capital investor in June 1999.