Mubasher: Bahraini Investcorp and Hong Kong-based alternative investment firm China Everbright Limited have signed a partnership agreement to combine their investment teams in the Chinese technology sector.

The combined team will jointly manage the Chinese company’s New Economy Fund I, according to a statement released on Wednesday.

“This is our most significant step so far towards expanding our footprint into the fastest growing economy in the world, China, and is in line with our strategy of growing AUM through global expansion,” Co-CEO of Investcorp Hazem Ben-Gacem said.

Investcorp and China Everbright will study the establishment of a successor private equity fund, jointly managed by the two companies.

“Everbright is well-positioned to take advantage of the long-term opportunities presented by changes in the global markets and to become a pioneer in Chinese cross-border investment and asset management,” executive director and CEO of China Everbright Limited Zhao Wei commented.