Perfect World Investing $100M In Venture Capital Fund

Perfect World, the China-based games company that wholly owns Star Trek Online developer Cryptic Studios, announced today that it has entered into an agreement to invest in a venture capital fund. The fund will be formed by one of Perfect World's consolidated entities, along with other general partners unrelated to the company -- although these partners have not yet been disclosed. This venture capital fund will focus on investing in technology, media and telecommunications companies, not limited to video games, that Perfect World and its partners believe show "high-growth potential." Perfect World (creator of hit Chinese MMOs like Forsaken World) has revealed that it will invest a total of 643.5 million Chinese yuan ($100.77 million) in the fund over the next nine years. Michael Chi, chairman and chief executive officer of Perfect World, said of the fund, "We are very pleased to start the process to invest in a TMT-focused venture capital fund." "We believe our extensive knowledge in the industry and our own growth experience will enable us to better analyze 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." Perfect World posted financial results for the second quarter of the 2011 fiscal year last month, noting a significant increase in both revenue and profits.