Goldman Sachs, Kyocera Form Japanese Hi-Tech Fund

Japanese electronics maker Kyocera Corp. and investment bank Goldman Sachs Group Inc. announced plans Friday to create a 30 billion yen (US$285.7 million) venture fund to invest in local high-technology start-up companies.

The Kyocera Goldman Sachs Venture Fund will be established this month with a 10 billion yen investment from Kyocera and 20 billion yen from Goldman Sachs and will be one of the largest such funds in Japan, according to the companies. In addition to providing money to the companies, the fund will also help build the businesses through provision of expertise from both Kyocera and Goldman Sachs, they said.

The fund will target private companies in the information technology, Internet, telecommunications and computer-related fields, hoping to repeat in Japan the strong performance and profits of venture funds focused on Silicon Valley in the U.S.

The success of those funds was attributed by the two companies to "an open-minded atmosphere to foster venture businesses as well as sophisticated knowledge and accumulated experience in investment." They pledged to provide the same features for the Japan fund.

A joint venture company, in which each partner will hold an equal 50 percent share, will be established to administer the fund.

Kyocera Corp., based in Kyoto, can be found online at http://www.kyocera.co.jp.

Goldman Sachs Group, in New York, can be found online at http://www.goldmansachs.com/ .

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