HONG KONG — Chinese investor Bruno Wu is planning to raise a new $500 million fund for media investments, targeting companies in China and other parts of Asia.

According to The Wall Street Journal the fund will invest in small and medium sized companies that need China for their next wave of expansion. It will offer investors returns in a shorter time frame than the standard seven years for the private equity industry.

Wu and his wife, the TV anchor Yang Lang, last year teamed with Harvest Alternative Investment to started the $800 million Harvest Seven seas Media Private Equity fund, backing big studio film projects that have appeal to the China market.

According to the paper the new fund will be part of BT Capital, an investment group which Wu co-founded with former Bertelsmann boss Thomas Middelhof in June.