Greenfield Partners, formed by TPG Growth, closes independent fund on $150m

Greenfield Partners became independent earlier this year, though continues to collaborate with TPG Growth on selected investments.

Greenfield Partners, formed by TPG Growth in 2016 to invest in early growth stage Israeli and Israel-related tech investments, closed its independent fund on $150 million. Greenfield Partners became independent earlier this year, though continues to collaborate with TPG Growth on selected investments. Greenfield is led by Yuda Doron and Shay Grinfeld. Along with the fund close, the firm promoted Avery Schwartz to partner, Raz Mangel to principal and Daniel Milstein to senior associated.

Press Release

Greenfield Partners has closed a $150m fund (the “Fund”) to continue its strategy of supporting early growth stage Israeli and Israel-related technology and tech-enabled businesses.

The Greenfield Partners team applies its years of operating experience with the support of a global network to help strengthen and grow its portfolio companies. The Fund’s investments currently include Avanan, BigPanda, Guardicore, and Vast Data.

Greenfield Partners was initially established in 2016 by TPG Growth as an investment platform for early growth stage Israeli and Israel-related technology investments. Now independent since earlier this year, the fund’s organizational culture remains informed by this heritage, bringing PE rigor to its investing approach. Greenfield Partners and TPG Growth will continue to seek opportunities for collaboration on selected growth stage Israel-related investments.

Greenfield Partners’ co-managing partners, Yuda Doron and Shay Grinfeld, bring unique perspectives to technology investing, having operated and sold technology companies prior to their investment careers. Following the Fund’s close, Avery Schwartz, a former investment banker at Goldman Sachs, was promoted to Partner after two years with Greenfield Partners. Raz Mangel, previously an investment banker at Barclays, was promoted to Principal, also after two years with Greenfield Partners, and Daniel Milstein, a former investment banker at RBC Capital Markets, has been promoted to Senior Associate.

“This is a great milestone for Greenfield Partners and we appreciate the confidence our broader base of backers has shown in us and in the Israeli technology ecosystem,” said Mr. Grinfeld. “We decided to publicize the closing of the Fund during these uncertain times in order to underline our approach and mandate from our LPs, which is to invest in enduring technology companies across macro cycles.”

“We are excited to welcome Avery into the partnership,” said Mr. Doron. “Shay and I have been keenly focused on ensuring continued leadership of the fund by the next generation of investors who embody the values we cherish. We trust that Avery will continue to put founders first and labor with love for the success of our portfolio companies, as he helps add to their ranks.”

Jim Coulter, Co-Founder and Co-CEO of TPG, said: “We established the Greenfield Partners platform in 2016 to focus on the innovation and disruption coming out of Israel’s technology ecosystem. Since then, our commitment to Israel has only increased, with a greater focus on more established, growth equity investments. We are excited to see the Greenfield Partners team continue to pursue its focus on earlier stage investments and look forward to finding opportunities for collaboration.”