(Yicai Global) June 20 -- China's first investment fund focused on the exhibition industry, Shanghai Exhibition Industry Equity Investment Fund, officially launched yesterday.

It has total assets of CNY3 billion (USD434.4 million) and will lay out CNY1 billion for the first issue.

The fund will invest in projects and services related to the exhibition sector, such as conferences and exhibitions, activities and game events, trade and tourism, cultural creativity, physical education and health, and technology application. It seeks to help invested firms move up the value chain and drive development of the industry, the Shanghai Observer reported.

It will focus on high-growth companies and new technologies, as well as mature firms in the field, as well as domestic and foreign exhibition projects and large international mergers and acquisitions, to promote international M&As and transactions in the sector.

The fund will bring in high-quality investment partners and form a domestic and international investment platform to introduce excellent foreign convention projects and resources to China and help domestic exhibition firms develop fast and go global.

The fund was jointly initiated by Shanghai's leading firm in the exhibition services field, Donghao Lansheng Group, state-backed private equity fund management agency Shanghai Real Power Capital and Shanghai Huangpu Government Investment Fund.