China’s CreditEase reaches $32m first close on Israel VC fund
Chinese asset manager CreditEase Wealth Management has reached a first close of $32.2 million on its second Israel-focused venture capital fund.
The CreditEase Israel Innovation Fund II (CEIIF II), which was launched one month ago, has an overall target of $50 million. It will invest in six key areas: virtual and augmented reality, artificial intelligence (AI) and machine learning, digital healthcare, the internet of things, cloud and data storage, and advanced manufacturing.
“Reaching the first close for CEIIF II within the first month has given us renewed confidence that Israeli technology and the investment opportunities it brings continue to be a sweet spot for Chinese high-net-worth individuals,” said Richard Williamson, head of offshore business at CreditEase, in a statement.
CreatEase closed its debut Israel technology fund, which was managed as a joint venture between CreditEase and founding managing partners Tayman Kan and Benjamin Weiss, at $30 million in October 2015. It completed eight investments in a mixture of early- and later-stage technology companies in Israel, including cyber security player ImVision Technologies and AI solution provider Knowmail.
CreditEase started as a peer-to-peer (P2P) microcredit lender in China. It has expanded quickly and now provides a range of consultation services, including wealth management, credit rating and microcredit lending.
The wealth management arm - CreditEase Wealth Management - provides global asset allocation services for Chinese high net worth individuals, offering investment products covering fixed income, private equity, capital markets, hedge funds, real estate, insurance, as well as investment immigration and international education.
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