There is now $124 million in the fund.
The Polaris 2 fund of the Dovrat Shrem group completed a additional $40 million round of fund-raising on Friday. There is now $124 million in the fund. According to the agreement with the present investor group, management fees on the fund are 2.25%. The fund’s managers will therefore levy 2.25% in management fees on the initial capital raised, instead of 2.5% for the first three yeas of operation, as originally agreed. At the current rate, Polaris 2 management fees are $2.8 million, annually.
Polaris 2 is managed by DS Polaris, a subsidiary of Dovrat Shrem. The acting fund managers are Rami Kalish and Hemi Peres. In addition to management fees, DS Polaris has rights to participate in the fund’s profits upon exercise of assets. Similarly, parent company Dovrat Shrem has rights to $180,000 in annual management fees in return for services rendered by Aharon Dovrat and Yitzhak Shrem.