Infinity establishes RMB and USD funds in Chongqing
Infinity Group, an Israel-based privat equity firm created by China Development Bank and Israeli conglomerate IDB Group, has announced the establishment of the Chongqing arm in cooperation with the government of Chongqing's Banan district.
Infinity has already launched funds - in renminbi and US dollars - in cities in China, including Beijing, Suzhou, Harbin, Shijiazhuang, Changzhou, Ningbo and Tianjin and this formation is the eleventh city-level fund formation.
According to a statement, there will be two Chongqing funds: A renminbi vehicle with a target of RMB6 billion ($938 million) and a US-dollar vehicle worth $1 billion. This will be Infinity's first fund in China managed by its wholly foreign owned enterprise (WFOE). The Israel-based firm obtained approval from the Chongqing government for the Qualified Foreign Limited Partner program in May.
The renminbi fund already has RMB500 million in initial capital. Of this, RMB200 million was raised from Banan's state-owned enterprise Chongqing Highway Infrastructure Construction, together with three private-sector enterprises, Chongqing Zongshen Industrial Group, Chongqing Sifang Concrete and Chongqing Dianya Real Estate Development.
A statement noted that US fund is planning to make its first investment in Beijing Wanbo Tiandi Web Technology, a global networking system developer that counts Cisco among its strategic partners. Infinity Group also announced today that it has signed strategic cooperation agreements with Banan District and Zongshen Group.
More on Renminbi fund
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