OneGate, Catalyst set up Sino-Israeli fund manager - report
Shanghai-based private equity fund OneGate Capital and Israel's Catalyst Investments have set up a fund manager called China Israel Technology Fund Management Company.
The new manager has already announced the first closing of its first fund on RMB1 billion ($150 million). The vehicle received a cornerstone investment of RMB300 million from the Sichuan Chengdu Aba Development Industry, according to Globes Online.
Based in Shanghai and Tel Aviv, the China Israel Technology Fund Management Company will also raise a second $150 million offshore vehicle.
Both funds will target companies in the cleantech, agritech, advanced manufacturing, next-generation IT, and other sectors which fit into the "seven emerging strategic industries" in China's 12th Five-Year Plan.
OneGate managing partner Doug Bradley said: "The new venture will provide leading Chinese companies with the know-how and expertise of the well established Israeli tech sector, and allow Israeli companies to access the Chinese market."
Catalyst raised $100 million for its previous fund in 2007.
The deal marks the latest Israeli-Chinese tech tie-up. In October, Infinity Group, an Israel-based private equity firm created by China Development Bank and Israeli conglomerate IDB Group, agreed to invest $10 million in 10 Israeli technology companies alongside the local government of Harbin.
That deal came two months after Infinity announced the establishment of a Chongqing arm in cooperation with the government of Chongqing's Banan district.
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