Pitango is the first venture capital firm to close a fund in the 2007-2008 season.
Sources inform ''Globes'' that Pitango Venture Capital is on the verge of closing its fifth fund on $300 million. Pitango began raising capital for the fund in March this year and held the first closing on $150 million in June. "Globes" has also learned that Pitango signed a new partnership agreement during the course of raising finance for the new fund.
Pitango is the first Israeli venture capital fund manager to close a fund in the 2007-2008 season. Other leading venture capital managers such as Gemini Israel Funds, Carmel Ventures, Genesis Partners, and Giza Venture Capital are likely to raise new funds of their own in the near future.
Among Pitango's most recent exits are ClearForest, which was sold to Reuters; CTI2, which was acquired by AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC), Go Networks, which was acquired by NextWave Wireless Inc. (Nasdaq: WAVE), and Silverback Systems, which was acquired by Brocade Communications Systems Inc. (Nasdaq: BRCD).
Published by Globes [online], Israel business news - www.globes.co.il - on September 16, 2007
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