Israel's Infinity launches six RMB funds
Infinity-I China Fund, the Tel Aviv-headquartered venture capital firm led by Infinity Group CEO Amir Gal-Or, has launched six RMB-denominated private equity funds in partnership with seven Chinese cities, including Beijing, Suzhou, Harbin, Shijiazhuang, Changzhou, Ningbo and Tianjin. Each fund will have a size range of RMB200-500 million ($29-73 million).
“Since 2003, Infinity has been actively creating mutually beneficial relationships which combine the ingenuity and expertise of advanced and proven technology companies with the rapidly growing market in China and the business acumen of the Chinese people,” said Gal-Or. "We look forward to long-term and exciting relations with our new friends across the country.”
Infinity closed Infinity I-China Fund, its second China-focused fund in 2008, which raised $300 million in both USD and RMB, following its maiden China fund, which was raised with state-backed Suzhou Ventures Group in 2004. The parent firm was originally founded by IDB Holding, a subsidiary of Clal Industries of Israel, in partnership with state-owned China Development Bank and China Singapore Suzhou Industrial Park Ventures Co, backed by the Singapore and China governments.
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