Updated from 10:20 a.m. EST




Hicks Muse Tate & Furst


Pacific Century CyberWorks

announced Wednesday a new venture-capital partnership,

@Ventures Global Partners

, under which each entity will invest up to $500 million to aid the development of Internet companies based in Asia, Europe and the Americas.

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The new $1.5 billion venture will invest in companies that span the four core Internet disciplines: content, community, commerce and infrastructure. The companies said in a joint statement they will open offices in city centers around the world, including London and Hong Kong.

Shares of CMGI, a technology holding company known for investing in and then spinning off high-tech ventures, fell 1 7/8, or 1.5%, to close at 127 11/16. Shares of CMGI of Andover, Mass., have been tracking lower after reaching a 52-week high of 163 1/2 in January.

Hong Kong-based Pacific Century CyberWorks, the flagship of the Pacific Century Group, is a top technology investor in Asia. It recently won its bid to acquire

Cable & Wireless HKT

, the Hong Kong telecommunications company owned by Britain's

Cable & Wireless


, for $35 billion in cash and stock.

Dallas-based Hicks, Muse, Tate & Furst is a global investor which has pending investments with an aggregate capital value of about $43 billion.