The China Greenstar Resource Utilization Investment Fund has entered into an agreement with Shanghai Chuangzhi Tiandi Management Committee for the establishment of a clean technology international innovation center in Shanghai.

The Greenstar Fund was set up by Sycamore Ventures and the China Association of Resource Comprehensive Utilization, featuring a total fund of USD1 billion, of which, USD900 million was raised by Greenstar Management Corp, an affiliate of Sycamore, and the remaining USD100 million is reported to be collected by CARCU.

The clean technology innovation center will gather a batch of small and medium-sized enterprises who specialize on clean technology, energy saving, and environmental protection, as well venture capital institutions to facilitate funding.

Currently the Finnish company Integnor has set up a North European Center and soon companies with advanced clean technology from Northern Europe will move in.

The founding partner of the fund Richard M. Chong stated that the Greenstar Fund mainly focuses on growing enterprises that have core technologies and independent intellectual property rights in emission reduction and the comprehensive utilization of resources with products that have broad market potential. The fund also targets traditional enterprises with high growth potential which have been restructured by high-technology.

China has the largest clean technology market in the world and clean technology is expected to be the third largest venture capital target after information technology and telecommunications.