Silicon Valley venture fund VantagePoint Venture Partners has launched a new $100 million fund aimed at China's growing green technology and financial services sector.
China in recent years has emerged as a cleantech hub thanks to its strong local markets and financing sources while in the United States the industry is still struggling from a dearth of financing and what the industry sees as a need for clearer federal policies on renewable energy.
"China is one of the key places where the global cleantech future is being defined," said VantagePoint Chief Executive Alan Salzman. "The country is a world leader in terms of investment in clean energy."
The fund, called Tianjin VantagePoint Hi-tech China FIVCE Fund, will invest in Chinese firms.
VantagePoint is one of the many Silicon Valley funds that's moving to take advantage of the rapidly growing Chinese green technology market. For example, venture fund DCM, which is invested in more than 120 companies, has an office in China.
VantagePoint manages over $4.5 billion of funds invested in growing companies in information technology, health and clean technology including solar power, low-carbon light bulbs and electric cars.
The venture capital firm holds a stake in electric carmaker Tesla Motors (TSLA.O: Quote) and Better Place, a company specializing in installing charging infrastructure for electric cars.
