IP Group has set up a joint venture with China Everbright that will invest in Chinese subsidiaries of the commercialisation firm’s portfolio through a $235m-target fund.

IP Group, the UK-based commercialisation firm, unveiled a joint venture called IPG-CEL China Ventures with asset manager China Everbright today that will raise a fund sized up to RMB1.5bn ($235m). The fund is expected to achieve a first close of $77m this year, before growing to its target size within the next three years. The…

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