Beresheit fund's founders: The investment strategy focuses on investments in appropriate companies with upside potential, whose main operations are in Israel.
The Beresheit debt recycling fund will extend a NIS 105 million loan to Ofer Nimrodi's ILD (Israel Land Development) Group . The loan is for five years.
The five-year loan is the first loan by Beresheit General Partner Ltd. The loan is backed by guarantees and is subject to financial covenants. The fund also received an option to buy shares in ILD.
The Beresheit fund is run by Dr. Mani Wasserman and Ran Grodetzki. They explained, "Beresheit's investment strategy focuses on investments in appropriate companies with upside potential, whose main operations are in Israel. The fund's first investment, in ILD, matches that policy."
ILD Group (TASE:ILDH) has been operating for 100 years, and focuses on media (Ma'ariv newspaper), and real estate in Israel and abroad.
Published by Globes [online], Israel business news - www.globes-online.com - on June 25, 2009
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