The first investment fund dedicated to backing Chinese private companies' overseas acquisitions is close to being established, billionaire Shi Yuzhu said on the country's Twitter-like micro-blogging service Weibo on Thursday night.

Shi, who made his fortune through US-listed online gaming company Giant Interactive Group Inc, said he will invest 1 billion yuan ($161.95 million) in China Minsheng Investment Co Ltd and take a 2 percent stake. Shi said he was elected vice-chairman at a ceremony on Thursday.

He also posted a picture that featured Dong Wenbiao, Chairman of China Minsheng Banking Corp Ltd, Sun Yinhuan, Chairman of Yida Group and Lu Zhiqiang, chairman of China Oceanwide Holdings Group.