DFJ Tamir Fishman Ventures Ltd. (TASE: TFVC) will not raise capital for the Fishman III Fund, so three of its managing general partners - Dr. Benny Zeevi, Moshe Levin, and Shai Shaul - have hooked up with Draper Fisher Jurvetson (DFJ) to set up a new fund, to be called DFJ Tel Aviv. DFJ Tel Aviv will raise $100 million to invest in Israeli companies.
DFJ managing director in Tel Aviv Andreas Stavropoulos will serve on DFJ Tel Aviv's advisory committee. Prof. Ran Giladi of the Ben Gurion University of the Negev and DFJ Tamir Fishman independent partner will serve as an independent partner in the new fund.
Levin told "Globes" that the team has already begun examining potential companies for investment, even as the fund is raising capital. "We will raise capital from current investors, new investors who approached us, and from DFJ's investors. The objective is to invest in early-stage medical devices, cleantech, and mobile companies. We believe that, despite the difficult decade that is behind us, such investments are the only way to make big exits."
Levin declined to comment on the reasons for leaving DFJ Tamir Fishman, saying that the team would establish the new fund while remaining responsible for investments made by the Tamir Fishman III Fund. "We'll continue to advise the companies we invested in, while making new investments in Israeli companies. There will be no games."
The Tamir Fishman III Fund's investments include Siano Ltd., Aniboom Ltd., Superfish Ltd., and Kaiima Ltd.
DFJ Tamir Fishman Ventures managing general partner Eldad Tamir and venture partner Michael Elias also plan to set up an independent fund. Tamir said, "We decided to concentrate our forces to set up a fund that will invest in late-stage companies. The Tamir Fishman III Fund has three more years to run, which is fine for us. The other partners decided not to wait and to go out and raise a fund to invest in early-stage companies."
Published by Globes [online], Israel business news - www.globes-online.com - on April 14, 2011
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