Aluma Infrastructure Fund (2020) Ltd (ALUMA.TA) is an Israel-based infrastructure investment fund listed on the Tel-Aviv Stock Exchange that focuses on investments in infrastructure assets, particularly in telecommunications, green energy, and environmental sectors; its portfolio includes telecommunications infrastructure provider Exelera (formerly Tamares Telecom), which operates fiber-optic undersea cables, data centers, and server farms; communication tower operator Tiber Communication Towers; energy efficiency solutions provider Esco Israel; and waste treatment and environmental services company Chen Hamakom. The fund, founded in 2020 and headquartered at 52 Menachem Begin Boulevard, Sonol Tower, Tel Aviv, Israel, employs a hands-on management approach to enhance operational efficiency and yields in its portfolio companies, prioritizing established infrastructure operators over project-based ventures in high-growth areas. In recent developments, Aluma signed a memorandum of understanding in July 2025 to sell its 81.6% stake in Exelera to Bezeq for approximately $160 million, representing more than double its investment and marking the fund's first major exit, with plans to distribute proceeds as dividends and pursue new investments; additionally, in November 2025, the fund agreed to sell a 20% stake in Esco Aluma Ltd. to Discount Capital. The company targets Israeli infrastructure markets, serving investors seeking exposure to essential services like digital communications, energy efficiency, and waste management, while complying with guidelines from the Committee for the Promotion of Listed Infrastructure Investment Funds.