Private equity fund, the Blackstone Group, is said to be setting up a joint venture to invest hundreds of millions of dollars in Israeli companies.

According to a report in Globes, Blackstone is planning to join forces with Markstone Capital Partners Group and invest together in Israel.

New York based Blackstone has already invested billions of shekels in Israel. It is considered the world’s largest private equity fund with $166.2 billion in assets.

According to the report, Markstone will likely become Blackstone’s exclusive representative in Israel.