Redbud Capital, an investment platform under Tsinghua Holdings, has teamed up with the State-owned Assets Supervision and Administration Commission (SASAC) of Yiwu City and Zhejiang China Commodities City Group to launch a RMB1 billion (US$150 million) fund-of-funds focused on venture capital.

The new vehicle will invest in venture funds, says an announcement without elaboration. It’s unclear how much capital each entity committed to the fund.

Redbud Capital currently manages six funds and has previously backed Banyan Capial, Ameba Capital, HighLight Capital, Qiming Venture Partners, Delta Capital, QF Capital and others.

As an investment platform of Tsinghua Holdings, Redbud Capital aims to achieve superior returns by creating a diversified portfolio of venture funds covering industries from TMT, clean energy, healthcare, advanced manufacturing, culture and finance, as well as consumer upgrade themes.

Source: Tsinghua’s Redbud Capital To Launch $150M Venture Fund-Of-Funds – China Money Network