China Everbright, Catalyst raise $200m for Israel fund
Catalyst CEL Fund, which is managed by Hong Kong-based asset manager China Everbright and Israel’s Catalyst Private Equity, has beaten its initial target of $200 million.
It received capital from Chinese institutional and strategic investors, as well as investors from Israel, North American and Europe, Reuters reported. It is not clear whether the vehicle has reached a final close.
The fund was launched in October 2013 with a hard cap of $300 million. China Everbright provided $75 million in seed capital. A first close of $100 million came in February 2014.
It focuses on mid-to-late stage companies with proven innovation and global presence, and a desire to expand in the Greater China market. Sectors of interest include agro-tech, energy, industrials and manufacturing, healthcare, water, media and telecom. Portfolio companies include Lamina Technologies, an Israel-founded but Swiss-based precision metal cutting tool manufacturer, and an unnamed 3D printing company.
"We provide an attractive alternative to Israeli entrepreneurs selling their businesses too early and provide mature companies with the capital and support for creating larger global businesses including access to capital from China and the vast China market opportunity," Yair Shamir, managing partner of Catalyst CEL Fund, told local media.
Chinese corporates are keen to get access to new technology as they climb the industrial value chain. Shengyan Fan, managing director at China Everbright, previously told AVCJ that companies are pouring money into R&D and stand to benefit from acquisitions in markets such as Israel.
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