Alibaba Group Holding Ltd (NYSE:BABA) is upping its investment game as the company is said to be investing in funds of an Israeli venture capital firm.
The development was revealed by Jerusalem Venture Partners (JVP) Managing Partner Kobi Rozengarten at the firm’s annual meeting on Monday, a report from Reuters reveals. The managing partner did not detail how much and when Alibaba Group Holding Ltd (NYSE:BABA) will be investing in JVP’s funds.
However, the publication did note that the financial newspaper Calcalist said in a report that the investment will be in the tens of millions of dollars while JVP has about $1 billion under management. JVP, managed by Rozengarten, Gadi Tirosh and Raffi Kesten, is one of the largest venture capital firms in Israel, Reuters notes.
Alibaba Group Holding Ltd (NYSE:BABA)’s investment in JVP funds come after the Chinese electronic commerce giant announced a $316 million fund for startups based in Taiwan earlier this month. The new fund will be comprised of 10 billion new Taiwan dollars and is aimed at helping mobile commerce startup.
That fund follows the establishment of a $129 million fund for startups based in Hong Kong. Alibaba Group Holding Ltd (NYSE:BABA) established that fund in February.
Stanley Druckenmiller’s Duquesne Capital owned 253,900 shares in Alibaba Group Holding Ltd (NYSE:BABA) by the end of the last quarter of 2014. The stake, which accounted for 2.58% of Duquesne Capital’s whole portfolio and was valued at about $26.39 million, increased a staggering 2,439% quarter over quarter.
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