Melbourne-based corporate advisory and wealth management firm BMY Group, which targets Asian investors and companies, is raising $50 million for its first venture capital fund that will focus on Australian start-ups whose sights are set on Chinese expansion.

Despite only just launching the fund, the firm has already raised almost $10 million and expects to have closed the first $15 million tranche by January. It plans to have the additional $35 million by mid-2017 when it will also have identified a range of investment opportunities.