Taiwan's Acer Group has announced an aggressive move into venture capital with the establishment of a fund that will target information technology companies in the Asia-Pacific region and North America.
The new fund, called IP Fund One, has already raised $US260 million in venture funds, with more than 40 per cent coming from the company and its executives, according to an Acer statement. Other investors include GIC Special Investments, China Development Industrial Bank, ABN Amro Capital Investment Asia, Chase Capital Partners, Nomura/Jafco Investment and DBS Nominees.
At this level, the fund is already more than six times the size of Acer's pilot venture fund, the Acer Technology Venture Fund, which was established in 1997 with $40 million of funding.
The new fund also marks a change in the company's investment strategy. Acer's pilot fund concentrated mainly on companies and ventures within the Acer Group and its affiliates, whereas the new fund will cast its net much wider.
The investment has already begun, with a total of $US12 million invested in four companies, said Acer spokeswoman Stella Chou.