The investment fund jointly established by Chinese sovereign wealth fund China Investment Corporation (CIC), French banking group BNP Paribas and investment firm Eurazeo has been launched, CIC Wednesday said in a news release.

With a target capital size of 1 billion euros to 1.5 billion euros, the China-France cooperation fund will focus on cross-border investment.

It will invest in enterprises in France and also the whole Europe seeking to expand business to China, involving the industries of advanced manufacturing, commercial services, consumer goods, medical care and digital technology.

The first phase of 400 million euros will be contributed by CIC, BNP Paribas and Eurazeo and fund raising from third parties will be launched in the meantime.

The partnership will give full play of the advantages of the three companies. CIC will help the enterprises enter the Chinese market and expand their presence in the market. BNP Paribas will find and serve high quality enterprises relying on its solid business foundation and widespread network and Eurazeo is experienced in international business development and private equity investment.