Perfect World creates $100 million investment fund

Chinese free to play developer Perfect World has invested $100 million in a new venture capital fund that will support technology and media companies.

"We are very pleased to start the process to invest in a TMT-focused venture capital fund," said Michael Chi, chairman and CEO.

"We believe our extensive knowledge in the industry and our own growth experience will enable us to better analyse and capture the significant market opportunities.  We're also excited about the potential synergies we can achieve with our portfolio companies through this venture capital fund, which we believe will help us further build up our user base and strengthen our online platform."

The investment partners are yet to be announced but the will focus on using the Perfect World RMB 643.5 million ($100.77 million) on technology, media and telecommunications opportunities with high growth potential.

Perfect World is the owner of Star Trek Online developer Cryptic Studios, and publishes a number of other MMOs including Forsaken World and Rusty Hearts.

Last month Perfect World's second fiscal quarter results showed an increase in total revenue from RMB779.6 million ($120.6m) to RMB718.5 million in Q1.