There’s a new Chinese tech venture in town, and it’s backed by the London investors that supported Softbank’s Vision Fund

London-based global investment firm Centricus has announced it will be launching a Chinese tech venture fund in partnership with China Merchants Group (CMG) and SPF Group, for a total of 100bn yuan (£11.41bn).

Labelled the 'China New Era Technology Fund', the partnership will see the state-owned CMG deploy 40bn yuan in capital alongside additional Chinese-based investors, predominantly targeting funding rounds in Chinese technology startups.

Centricus and SPF Group will be in charge of raising the last 40bn yuan from other governments, universities and companies worldwide, with the funds going to startups on a more worldwide scale.

Centricus previously helped Japan's Softbank secure $60bn (£45.7m) in funding from the sovereign funds of Saudi Arabia and Abu Dhabi, contributing towards its successful $100bn Softbank Vision Fund that has invested in the likes of Uber, food delivery company Doordash, and General Motor's self-driving unit GM Cruise.

"Technology revolution is taking place much faster than expected and this is creating a big race for investments in this space," said Dalinc Ariburnu, a co-founder of Centricus and formerGoldman Sachs partner.

"We are at a stage where size of available funds and the ability to access big markets will be the game changer. With our distinguished partners, we will have unique access to technology investments focusing on China as well as other major global markets."