Private equity co Infinity, Chinese city Tianjin collaborate

Private equity investment firm Infinity Group said that it has signed three agreements with Tianjin, China, establishing a life science fund, an accelerator and a joint venture.

A total of about $33 million (RMB 220 million) has been invested so far by Infinity and its partners in the life science fund and accelerator.

The announcements were made during a signing ceremony at the King David Hotel in Jerusalem attended by a large delegation of prominent businessmen and senior government officials visiting from Tianjin, led by Tianjin Municipal Government Party Secretary Mr. Zhang Gaoli, who served as the master of ceremony.

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Infinity Group launched the Tianjin Israel Life Science Fund in cooperation with fellow investors Tianjin Venture Capital Co., Ltd., the Tianjin Economic and Technological Development Zone, Tianjin Mingxuan Investment Co., Ltd and Tianjin Tianying Venture Capital Management Co., Ltd. The mandate of the fund is to invest in life science companies in China.

Together with Chase Sun Pharmaceuticals and Tianjin VC, Infinity Group has also co-founded the Tianjin Israel Chase Sun Accelerator. The accelerator will focus on developing and commercializing innovative medical devices and pharmaceuticals, from Israel, the US, and Europe, for the Chinese market.

Infinity Group also said that portfolio company Power Paper and Tianjin Masterwork Machinery Co., Ltd. have entered into a joint venture to develop packaging applications based on Power Paper�s printable batteries. Infinity Group chairman Avi Fischer said that Tianjin is the fourth largest city in China and one of the four cities that operates under the central government, so that life science partnerships are "worthwhile both economically and socially". Fischer is co-CEO of Clal Industries and Investments Ltd. (TASE: CII) and IDB Group (TASE:IDBH) deputy chairman.

Infinity Group currently manages eleven funds, nine in China.

Published by Globes [online], Israel business news - www.globes-online.com - on November 9, 2010