China Everbright Limited (CEL) and Israeli investment firm, Catalyst Private Equity Management Ltd., have reached a US$100 million first closing of a joint private equity fund to invest in Israeli companies, according to media reports.
CEL committed US$75 million as seed capital to the joint private equity fund. The fund’s target is to raise US$200 million. It has the option to increase up to US$300 million.
The fund will primarily invest in mid-to-late stage Israeli companies with proven innovation and whose growth strategy includes expansion in China.
CEL is a subsidiary of Chinese state-owned conglomerate, China Everbright Group.