Going Public Abroad How, Where and When. November 2006. Infinity II $64M (2001) 19 investments 5% Net IRR Top Quartile!. Infinity I + Annex $91M (1999) 21 investments (16%) Net IRR. Infinity MS $75M (2002) 13 investments 29.4% Net IRR Top Quartile!. Nitzanim $27M (1993)
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How, Where and When
5% Net IRR
Infinity I + Annex
(16%) Net IRR
29.4% Net IRR
121% Net IRR
26.21% Net IRR
Top Quartile!Assets and Track Record
Infinity has managed over $270M* since 1993
Track Record: Average IRR Net/Gross: 33%/48%
Top quartile (In the top 25% of comparable U.S. Vintage Funds )**
*All figures include committed capital values
** Cambridge Associates March 31, 2006
51%acquiredby Johnson Electric
Acquired by eBay
Acquired by HP
Acquired by Alcatel
IP was acquired by Tessera
IPO (Nasdaq: SFUN)
IPO (TASE: MAYN)
IPO (Nasdaq: IOMI)
Acquired by Stryker
Acquired by BMC
Acquired by EMC
Total deal valueRecent Exits
Online Media Solutions
The BRICs economies currently account for less than 15% of the combined GDPs of the G6.
BRICs could become four of the top seven largest economies by 2050, with China leading the way.
GDP 2050 US$ bn
Source: Goldman Sachs
For illustrative purposes only
In May 2004, Infinity and IDB/Clal co-
founded the first Chinese registered
foreign-invested VC fund (No. 00001).
Infinity/Clal’s partner is the Chinese
Government via investment
arms: CSVC (China Singapore Venture
Capital) and SIP (Suzhou Industrial Park).
The event was monumental for pioneering
venture capital in China and international
business relations between Israel and China.
The signing ceremony was attended by
government leaders Ehud Olmert from Israel
and the Deputy Prime Minister of China.
China-Singapore Suzhou Industrial Park
(SIP) and Venture Capital (CSVC)
As at 20-Jan-06 for A shares and for other markets.
1 Qualified Foreign Institutional Investor
2 Companies traded on the Hong Kong Stock Exchange that have a Mainland Chinese corporate shareholder owning at least 35%
3 As at 20-Jan-06.
4 As at 20-Jan-06.
5 Average for 6 months to 31-Dec-05. Liquidity in the China A share market is better than the H-shares over the past 1-2 years in terms of daily turnover.
Source: Bloomberg, CEIC.
When fully implemented, the reform of non-tradable shares will potentially give existing shareholders 20-30% free shares and, we believe, therefore, will bring P/E down furtherValuations are more attractive
Shanghai A-share Composite Index Trailing P/E
NowShellcase - Infinity-led RecoveryWafer-level electronic product packaging technologies
company separated from
China – profitable, a leader in wafer
level manufacturing, received $20M
China government support
Tessera (NASDAQ –TSRA) for $33M
“Infinity’s leadership and creativity saved Shellcase. It created and boosted a new industry”
Shalom Daskal, CEO Shellcase
alongside new innovative products
structure, new strategy
two new product releasesNanomotion – The Infinity DifferenceSmall, silent, precise ceramic servo motors
“Infinity’s vision and execution capabilities enabled the paradigm shift in Nanomotion”
Jim Dick, JE
* Minority investment
Royalties, License fee/shares
Exit - Global IPO/M&A
Exit – China IPO/M&A
* Minority investments in Chinese companies can be direct or conducted via a co-investing fund with Chinese partners