Mitsubishi starts new venture fund

Joining a long line of investment banks, Mitsubishi Securities said it would launch a US$30 million private equity fund today to invest in private firms in China. Mitsubishi said it aims to capitalize on the growing need for funds while the mainland strives to curb lending in its continuing effort to cool the economy. Hong Kong Managing Director Jun Otsuka said the venture fund would focus on mainland companies in information technology, medical and healthcare.