TEL AVIV, Israel, June 30, 2010 /PRNewswire/ -- Infinity Group, the leader in cross border Chinese-Israeli-North American equity funds, announced today the establishment of a 200 million RMB joint venture fund with Chengdu City, China. This marks Infinity's eighth joint venture fund in China this year. The fund will focus on mutual projects in clean tech, IT, agriculture, and technology incubators.
Also today, in a special ceremony in Tel Aviv, Infinity Group signed a Memoradum of Understanding (MOU) of general cooperation with the Chengdu Municipal Government. The MOU, a separate agreement from that of the JV, covers various areas including business communication and investment activities, finance, innovation and private equity as well as Chengdu's technology incubator and park.
The ceremony was attended by Li Chuncheng, Party Secretary of Chengdu, senior level officials and the management of the high tech park in Chengdu. The event was hosted by Avi Fischer, Co-CEO of Clal Industries and Investments and Deputy Chairman of the IDB Group and Amir Gal-Or, managing partner of the Infinity Group and Infinity I-China.
We are delighted to partner with IDB and Infinity and look forward to great things to come, said Li Chuncheng.
In March of this year, Infinity Group announced the creation of seven joint venture (JV) private equity funds throughout China purposed to support the growth of local Chinese businesses through the influx of proven technology and knowhow. The MOU signed today as well as the new JV fund with Chengdu further demonstrate Infinity's clear leadership in the areas of innovation and strategic investment in China. These initiatives are also part of Infinity's plan to expand to the west side of China, which has high future potential. We are delighted to now too be associated with the fine people of Chengdu and look forward to many years of exciting cooperation and joint successes, said Gal-Or.
Chengdu, the capital of Sichuan Province, has 9 districts, 4 cities and 6 counties under its jurisdiction. Chengdu is designated by the State Council as the center for science technology, trade commerce, and finance, and as the hub for telecommunications and transportation for Southwest China. It is also listed by the State Council as among the well-known historic and cultural cities in China, and is set as a pilot zone of comprehensive reform for coordinated development of urban and rural areas.
About Infinity I-China
Infinity I-China, the largest China-Israel fund and the second China-Israel fund of Infinity Group, was founded by Clal Industries and Investments Ltd. from IDB Group, China Development Bank and CSVC. Infinity Group currently manages more than US$700 million through nine funds, seven in China. It has a portfolio of 45 companies and has made 20 successful exits. Infinity I-China serves as a bridge for Chinese companies that want to integrate technology and know-how to compete internationally and non-Chinese companies, with proven technology, seeking to capitalize on the Chinese market. Sectors of focus include: medical device, pharma and healthcare services, information technology, agriculture, materials, as well as water and clean technology and energy. Recent high profile activities include the $5 million investment in United Water Corporation, the exit from Teledata Networks that marked the fourth China rated exit, following those from Shellcase, Nanomotion, and the partial exit from Digital China that produced a 3x return in less than one year. In addition, in May 2010, Infinity achieved a 2.6x return from its investment in agritech company FuturaGene, upon its acquisition by Suzano in Brazil. Infinity has also assumed proactive leadership of Power Paper, developer of micro-power, clean, printable power sources. Infinity has offices in Tel Aviv, Hong Kong, Beijing, Shanghai, Suzhou, Harbin, Shijiazhuang, Changzhou, Ningbo, Tianjin and New York. For more information: http://www.infinity-equity.com or please contact Marjie Hadad at email@example.com or call +972-54-536-5220. For Chinese language inquiries please contact Philip Chen at firstname.lastname@example.org.
SOURCE: Infinity I-China
CONTACT: For more information: http://www.infinity-equity.com or pleasecontact Marjie Hadad at email@example.com or call+972-54-536-5220. For Chinese language inquiries please contact Philip Chenat firstname.lastname@example.org