Israel Secondary Fund (ISF) has completed the closing of its second fund, the ISF II, which has raised $100 million from Israeli and global institutional investors, family offices, and high net worth investors.
Israel’s Halman Aldubi, Altshuler Shaham, Bank Hapoalim Ltd., IBI and Union Bank of Israel are among the institutions that have invested in the new fund, ISF said in a statement Monday, adding that the fund has already made four investments.
ISF is a secondary fund focused on the Israeli market, which invests in private equity and venture capital funds and also acquires stakes in private companies.
Dror Glass, Nir Linchevski, and Shmuel Shilo manage the Israel Secondary Fund. Glass, the managing founding partner, has worked in a number of posts, including as a managing director at Orama Investments, member of the IDB Group and investment manager at Israel Corp.
Nir Linchevski joined ISF in 2014, after founding and serving as a partner at the private equity firm Shiraz Investments in 2007-2012 and as chairman of Altshuler Shaham, an asset management firm with over $15 billion in assets. Shmuel Shilo, a co-founder of ISF, is one of the founders of the Israeli secondary market and served as managing partner of Harvest Secondary Fund (Israel’s first secondary fund), managing Harvest Fund I and Harvest Fund II in 1998-2005.
ISF II is a followup fund to the inaugural ISF I, which was set up in 2009 and has held direct and indirect stakes in more than 100 private companies and has realized 35 exits, the statement said.
Among the exits ISF had a stake in were Waze, acquired by Google; the IPO of SolarEdge Technologies; the acquisition of SuperDimension by Covidien Ltd.; the acquisition of PrimeSense by Apple; the sale of WorkLight to IBM; and the recent acquisition of Altair Semiconductor by Sony Corporation.
“A large portion of today’s companies stay private for longer periods, and build significant business activity before going public or being acquired,” said Glass in the statement. “Therefore, there is a growing need by entrepreneurs and investors for liquidity in the years preceding an exit.”
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