In late January, Hambrecht & Quist of the US announced a strategic co-operation agreement with Tamir Fishman & Co, a Tel Aviv based investment banking group.
Tamir Fishman will act as H&Q’s exclusive representative in the Israeli technology, biotech, healthcare, consumer and other growth sectors.
The two groups are co-sponsoring a recently launched venture which will focus on the technology, medical products and healthcare sectors. The Eucalyptus Fund – a name that seems auspicious in view of the hardiness and abundant growth of the Eucalyptus tree in Israel – aims to raise $50 million (ecu 46 million), and will be one of the first Israeli venture funds with managing partners based both in Israel and in Silicon Valley.
Paul Denning, managing director of H&Q’s Private Equity Market Group in San Francisco, said that the fund expects to hold a first closing on around $25 million before the end of February.
Full details of the fund will be announced following the first close.