FIMI fund to raise $1 bln for new investment in Israel: Reuters

(Reuters) Israel’s largest private equity firm, FIMI Opportunity Funds, plans to raise $1 billion for a new investment fund, it said on Tuesday.

As with its five previous funds – which raised a total of $2.1 billion – FIMI said it would bring in investment from home and abroad to buy control of Israeli companies.

“The new fund will continue the strategy of investing in companies with significant growth engines, bringing them to change and turning them into leaders in their fields,” said senior partner Gillon Beck.

FIMI raised money for its previous fund – which totalled $850 million – in 2012. To date it has bought control of 80 companies in Israel, of which 50 have since been sold in deals worth over $4 billion.

In June FIMI bought control of Israeli paper maker Hadera Paper for nearly $100 million.