SKY Israel private equity firm has closed its $350 million fourth investment fund. SKY, which specializes in mature Israeli companies, and was founded in 2005, now has an overall $800 million under management in its four funds. SKY's investment policy is to buy control or joint control in companies and be actively involved in creating value in them.
Most of the investors in SKY's fourth fund are institutional bodies, which invested in the previous funds, while they have been joined by some new investors. Although the new fund was oversubscribed, SKY decided to cap the fund at the planned ceiling and continue operating in a similar business environment to the previous funds.
SKY cofounder and managing partner Zvika Yochman said, "The new fund will continue the investment policy of previous funds and invest in mature Israeli companies in diverse fields with a potential for creating value. The fund will continue to be actively involved in creating value for its portfolio companies, as it has done in recent years."
Yochman's partners at SKY are Nir Dagan, Amir Erben, Zion Agiv, Liat Benyamini and Maytal Heller, who have all been working together for many years. The third fund was raised in 2017 and completed its investments last year by acquiring 100% of NGSoft from BATM Advanced Communications Ltd. (LSE:BVC; TASE: BVC) and 50% of Soltam Systems.
In the past two months SKY has realized two of its investments from the third fund - Groo, which was acquired from Groupon and sold to Melisron (TASE: MLSR) at a multiple of 6.5 on its investment, and the IPO of iDigital - iCon Group (TASE: ICON) at a valuation of ten times SKY's investment. These were just two of eight deals completed by SKY over the past two years.
Published by Globes, Israel business news - en.globes.co.il - on January 12, 2022.
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