A new government-backed investment fund worth up to US$293 million will be launched in Shanghai's Pudong New Area at the end of the year, the Shanghai Daily reported. The fund, created by the government-backed Shanghai Pudong Science and Technology Investment Co, will be managed by Softbank China Venture Capital, a mainland unit of Japan's Softbank Corp, and focus on fast-growing areas such as IT, modernized manufacturing and new energy. Venture capitalists invested US$363 million on the mainland in October, 16.7% less than the same month in 2007.