Investcorp, a Bahrain-based alternative investments manager, has set up a $500 million joint investment platform with China Resources Capital Management and Fung Investments to invest mainly in food products in Asia, the three firms said in a statement on Thursday.

The new venture will be jointly owned and managed by the three founding partners and will invest in food brands across China, Singapore, and greater Southeast Asia.

The three partners said they have already committed $300 million of capital towards the JV, which will operate out of their respective offices in Beijing, Hong Kong, and Singapore.

“Together, Investcorp, China Resources and Fung Investments intend to construct a diversified portfolio of investments to support fast growing businesses with anticipated higher margins and defensive franchises, as well as new premium brands in niche sectors such as condiments, packaged food and healthy snacks,” the three firms said in a joint statement.

China is currently home to one of the world’s largest consumer markets, as it is supported by Chinese millennials who are spending more and are seeking better and healthier food brands.

The new investment platform is seeking to capitalize on the opportunities within China’s fragmented, yet fast-growing food industry, the statement added.

“We are investing not only in what we consider to be the world’s largest and fastest growing consumer market, and in one of the most defensive sectors, but also in partnership with some of the most respected entities in China,” Hazem Ben-Gacem, Co-chief executive officer of Investcorp, said in the statement.

Hong Kong-based China Resources Capital operates as a private equity real estate firm, and offers asset and portfolio management, as well as related consulting services.

Fung Investments is the private investment arm of the families of Victor Fung and William Fung, who control Hong Kong-based Fung Group, an investment in global consumer goods and supply chain.