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.
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.