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The Infinity venture capital fund is taking over the management of most of

Clal Industries and Investments' (TASE:


) portfolio, or about 25 hi-tech companies, TheMarker has learned.

Clal's management prefers to focus on managing and accompanying a few core companies, leaving the handling of the rest mainly startups to Infinity, in which Clal is heavily invested.

The biggest of Clal's assets that Infinity will be managing is

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Saifun Technologies

, a promising semiconductors startupbn that makes nonvolatile memory technology. A few months ago Saifun raised about $25 million from


and AMD at a company value of about $550 million.

Infinity will be hiring two new investment managers to handle the Clal portfolio, TheMarker has learned.

The Infinity fund, established in 1998 as a continuation of the Nitzanim venture fund, today manages about $150 million worth of assets. Aside from Clal, its investors include General Electric, BNP,and the AVX-Kyocera group of Japan.

The fund, which has invested about $70 million in startups, refused to comment.