SHANGHAI -- The Shanghai Free Trade Zone Equity Investment Fund was established in Shanghai on Sunday, the first fund in the country focusing on investment in the China (Shanghai) Pilot Free Trade Zone (FTZ).

The fund, which will raise a total of 5 billion yuan ($817 million) and 1.5 billion yuan in the first phase, was initiated by four state-owned enterprises.

They are Shanghai Lujiazui Finance and Trade Zone Development Co Ltd, Shanghai Waigaoqiao (Group) Co Ltd, China Cinda Asset Management Co Ltd and China Orient Asset Management Corporation.

The fund will mainly concentrate on investment in modern logistics and warehousing, commercial real estate, cross-border e-commerce, imported goods direct sales center and cultural product trading platform within the FTZ, said Yang Xiaoming, chairman of the Shanghai Lujiazui Finance and Trade Zone Development Co Ltd.

In addition to the four state-owned initiators, the fund also has investment from private and foreign enterprises, said Yang.

The fund, with a mixed ownership, will promote the financial capital to cater for the real economy, service industry and urban infrastructure, and will become a landmark for the integration of capital and industry within the FTZ, said Yang.

The Shanghai FTZ was launched in September 2013 to test a broad range of economic reforms. From October 2013 to September this year, the FTZ's exports hit 196.5 billion yuan and imports 551 billion yuan.