Agate Medical Investments, a new venture capital fund managed by former Minister of Health Dan Naveh, has held its first closing on $60 million. The fund will invest in medical device and healthcare companies. Naveh plans to raise $80 million altogether. The fund has received $70 million in commitments, and hopes to obtain the rest soon.
Agate’s main investors are IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), Harel Insurance Investments Ltd. (TASE: HARL), Bank Leumi (TASE: LUMI) subsidiary Leumi & Co. Investment House Ltd., Prisma Capital Markets Ltd., and private US investors.
Naveh said, “Agate will operate in parallel in two areas. It will invest in late-stage medical devices companies, which will likely make exits in two to four years. The fund will provide these companies with a platform of top-rate experts all of whom have extensive experience in the medical sector. The other area of activity will focus on partnerships for the establishment of medical services systems, especially in developing countries. We intend to build a portfolio of up to ten large investments in each area.”
Agate managing partner Dr. Zachi Berger added, “The focus on late-stage medical devices companies will enable us to cooperate with funds in the sector which are seeking investment partners for this stage. Until now, no fund in Israel has had this strategy, and there are many investment opportunities.” Berger previously managed investments in the life sciences for Star Ventures.
Published by Globes [online], Israel business news - www.globes.co.il - on September 10, 2007
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