Japan's Dai-Ichi Kangyo Bank Group and the Industrial Bank of Japan Group will take part in fund management and serve as partners in the venture, which will be called Dentsu.com.
The fund will invest in local and foreign IT companies operating in Japan, as well as provide funding to help Dentsu employees launch IT ventures. The fund has already invested in several companies in March but the size of the investments and the companies have not been disclosed.
Dentsu and other major companies have been fighting a tough battle to retain their own best IT talent. Numerous Japanese IT entrepreneurs have left major companies recently to set up their own ventures.
Japan's leading investor in start-up IT companies is computer software giant Softbank Corp.
Copyright April 2000, Crain Communications Inc.