Shanghai-based venture capital firm NewMargin Ventures raised 1.25 billion yuan at a first close for its 10 billion-yuan civil-military integration fund, DealStreetAsia reported.

Nanshan district and Shenzhen municipal government-operated guidance funds, asset manager China Everbright Ltd., as well as a number of other private investors participated in the funding round, the March 25 report added, citing a statement from NewMargin.

The new market-oriented equity investment fund will focus on military-civilian integration, high-end manufacturing and mixed reform of state-owned enterprises.

As of March 25, US$1 was equivalent to 6.71 yuan.