Senior management from the group, which specializes in long-term investment, declined to give further details, but said the Shanghai project is relatively small compared to the company's other investments.

Vince Feng, managing director of General Atlantic's Asia operation, told China Daily that the total investment would be somewhere below US$100 million.

"This is a relatively small project by comparison with our other big global investments... It is a fast-growing and dynamic company based in Shanghai," said Feng.

Feng said the company, which selects eight to 12 investments every year, is prudent in picking its targets.

"Our targets must have excellent performance and, most importantly, an open-minded and dynamic management team on whom we can count and trust. I think very highly of the former and current upper management team of Lenovo, and am impressed by their extraordinary attitude towards business and life," he added.

General Atlantic invested US$100 million in Lenovo's acquisition of IBM's PC arm. China's biggest PC manufacturer by output paid US$1.25 billion for the unit, splitting the deal into US$650 million in cash and US$600 million in Lenovo shares.

Another two investors behind the Lenovo-IBM deal Texas Pacific Group and Newbridge Capital invested US$200 million and US$50 million respectively.

Under the terms of the investment, the three funds cannot sell the shares within a year of the transaction.

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