(Yicai Global) Feb.24 -- Hillhouse Capital Group, a  Chinese investment firm that has backed many prominent internet and consumer  companies, has set up a new CNY10 billion (USD1.4 billion) fund to invest in  early-stage startups.   

The fund, named GL Ventures, will operate in dollars and  yuan and invest between CNY3 million and CNY30 million into new firms, Hillhouse  said today. GL Ventures will focus on companies producing biomedical and medical  devices, software services, consumer technology, and emerging consumer  brands.