The launch ceremony for the Mingyue Lakeside Entrepreneurship Investment Fund on Aug 22. [Photo/WeChat account of Liangjiang New Area]

On Aug 22, the Mingyue Lakeside Entrepreneurship Investment Fund, set up by the Chongqing Industrial Investment Fund of Funds and Chongqing Liangjiang New Area Innovation&Venture Capital Develop Co, was officially launched at the Mingyue Lake π Global Innovation Conference.

The fund, holding a total of 500 million yuan ($69.45 million), was designed to inject new vitality into the goal of making Longsheng New City a modern demonstration zone in Chongqing. It will receive investment in five phases.

The first phase of 100 million yuan will mainly be invested into small projects or teams involved in cutting-edge technology, future industries, and emerging industries, such as intelligent connected and new energy vehicles, intelligent manufacturing, software information, new materials, aerospace, and artificial intelligence, with each project receiving from 1 million to 10 million yuan in investment.

Funds are an important financial tool for integrating regional policies, capital, talent, technologies, markets, and more. Liangjiang New Area previously established a 20-billion-yuan high-quality development industrial investment fund, aiming to leverage 40 billion yuan in social capital to form a 60-billion-yuan industrial fund cluster.