* First private equity fund for Founder Group

* Focus on investments in tech, media and telecom sectors

* To seek new profit streams besides traditional PC sales (Adds quotes, details and background)

By George Chen, Asia Private Equity Correspondent

SHANGHAI, Oct 29 (Reuters) - China's No. 2 PC maker, Founder Group, is raising a 2 billion yuan ($293 million) private equity fund with a focus on technology, media and telecom sectors as it seeks new profit streams, sources said on Thursday.

It would be Founder Group's first private equity fund as it faces tough competition in the computer business. Its bigger PC rival, Legend Holdings, established two investment firms -- Legend Capital and Hony Capital -- years ago, and the two are now very active players in China's private equity industry.

The fund would be denominated in the yuan because major institutional investors, so-called "limited partners" in the private equity fund, include many domestic enterprises, said a person who is familiar with the plans. Founder Group also plans to inject some money, but the amounts were not disclosed.

"Compared with Legend and Hony, Founder's first fund would be pretty small, but it's anyway a landmark move for Founder," said one source.

"Obviously, it comes later but finally it comes, better than never getting one," he added.