Evergreen Canada-Israel Investments completed a $21 million (ecu 19 million) initial close in May on its newest product, the Harvest Fund, which will make secondary investment in Israeli venture capital funds.
This vehicle, expected to collect approximately $30 million by the end of June, is the first secondary fund, not only for Evergreen, but for the country as a whole.
“Right now we are the only ones that by secondary [venture capital] partnership interests in Israel,” explained Evergreen’s chief executive office Ofer Ne’eman.
The Harvest Fund is a joint venture with Clal Industries & Investments, one of Israel’s largest conglomerates.
“You see these kinds of funds in the US, but the Israeli market hasn’t been big enough until now”, said Jacob Burak, Evergreen’s chairman. He declined to discuss the two investments already made by the Harvest Fund.
The Harvest Fund further broadens Evergreen’s growing product range, which already includes venture capital funds, equity portfolio and mutual fund management, and investment banking services. Evergreen Canada-Israeli Management, one of three management divisions within the company, has overseen all venture capital initiatives during the past ten years.
The most recent of these is Periscope I, a fund which closed on $38.5 million in July 1997. Jointly managed with Robertson Stephens and Weiss, Peck & Greer Venture Partners, Periscope had committed $109.5 million to nine Israeli companies by June of this year.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: