Infinity I-China is launching six new joint venture private equity funds throughout China. Infinity said that the goal of the funds is to support the growth of local Chinese businesses through the influx of proven technology and know-how.
The funds will range from 200 million renminbi up to a planned 500 million renminbi.
The funds will be created together with Chinese cities of Beijing, Suzhou, Harbin, Shijiazhuang, Changzhou, Ningbo and Tianjin.
IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Industries and Investments (TASE: CII), led by Infinity co-chairman Avi Fischer, is a strategic and ongoing supporter of these efforts.
Infinity I-China managing partner Amir Gal-Or said, “Infinity chose to partner with Beijing, Suzhou, Harbin, Shijiazhuang, Changzhou, Ningbo and Tianjin, mainly because of the progressiveness, open-minded thinking and quality of leadership in these metropolises. It is the people that are compelling and on which we place the greatest value. Our ongoing relationship with Suzhou is a good example. The joint venture fund in Suzhou marks the third cooperation between Infinity and the fine leadership of this beautiful city. We look forward to long-term and exciting relations with our new friends across the country,”.
Infinity I-China was founded by Clal Industries and Investments Ltd., China Development Bank and CSVC. Infinity Group currently manages more than $700 million through nine funds, seven in China. Infinity has offices in Tel Aviv, Hong Kong, Beijing, Shanghai, Suzhou, Harbin, Shijiazhuang, Changzhou, Ningbo, Tianjin and New York.
Published by Globes [online], Israel business news - www.globes-online.com - on March 9, 2010
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