January 13, 2017 / 6:00 AM / 9 months ago

China's CreditEase launches 2nd fund focused on Israel technology

TEL AVIV, Jan 13 (Reuters) - CreditEase Wealth Management said on Friday it has raised $32.2 million in one month for its second fund focused on Israeli technology and plans to reach a total capital commitment of $50 million.

Its first fund, CreditEase Israel Innovation Fund I, closed in October 2015, raising $30 million.

“CreditEase Wealth Management is the first Chinese financial-services firm to establish a local office in Israel,” said Tayman Kan, managing partner of CEIIF.

“With China’s economy transforming from traditional labour-intensive manufacturing to a service-driven model, we continue to see more and more Chinese investors diversifying their investments across regions and asset classes.”

The first fund made eight investments in early and later-stage start-ups, including Corephotonics, a maker of dual camera technologies for smartphones.

The second fund will invest in virtual and augmented reality, artificial intelligence and machine learning, digital healthcare, the Internet of Things, cloud and data storage and advanced manufacturing.

CreditEase Wealth Management offers global asset allocation services for the wealthy and middle class in China. (Reporting by Tova Cohen)

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