Kai-fu Lee has $115 million, and he wants to put it to work. Monday, he announced that his new angel-focused venture fund, Innovation Works, is targeting a rate of five successful Chinese start-ups a year. Previously, Lee was in charge of Google's (GOOG) operations in China.

The new endeavor is backed by several high-profile investors – including YouTube co-founder Steve Chen, electronics manufacturer Foxconn (FXCNY) and Legend Holdings (LGDI), Lenovo's parent company.

To make the most of his early-stage investments in new and promising technology companies in China, Lee is planning to use a hybrid investment/incubator approach. This model, the first of its kind in China, will enable him to nurture companies rather than merely wander in the wild with his (and his investors') money. Several Taiwanese venture capital funds do operate in China, but with neither the incubator support nor with the penchant for angel investment risks.

So, what is this new company looking for? To start, Lee says he wants companies with mobile internet and cloud computing technology.

Lee left Google on Friday and announced his plans for Innovation Works over the weekend by Twitter. His previous stops include Microsoft (MSFT), Silicon Graphics (SGI) and Apple (AAPL).

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