Vintage Investment Partners, a venture capital firm managed by partners Abe Finkelstein and Asaf Horesh, has raised $920 million. The money is split between a new fund-of-funds ($580 million) and a secondary fund ($340 million) for acquiring shares from existing investors or employees in privately-held companies. But behind this high-profile fundraising lies a trend of "natural selection" in the venture capital industry in an era marked by lower-than-expected returns by the funds and the disruptive impact of AI on many of their portfolio companies.
The fund announced that it would not be raising venture capital specifically for investments in the biotech and healthcare sectors. The reason, the firm says, is that its existing portfolio funds are increasingly gravitating toward these areas-in part as an extension of their AI-related investments.
Vintage has indicated that it will invest in 30 venture capital funds across the US, Europe, and Israel-down from the 35 funds it backed through its previous fund of funds vehicle (its seventh such fund). This represents a significant decline in comparison with earlier funds, which at their peak invested in nearly 60 venture capital funds, *Globes* has learned. Vintage plans to invest between $7 million and $30 million in each venture capital fund, typically targeting funds that have raised less than $1 billion. In total, Vintage has managed $4.8 billion since its inception in 2003.
Israeli VC funds raising capital at slowest pace in a decade
The picture painted by Vintage’s partners aligns with broader trends in the Israeli capital market, as reported by *Globes* last week. According to research firm IVC, Israeli venture capital funds are currently raising capital at their slowest pace in a decade. The firm projects that by the end of the year Israeli funds will have raised $2 billion, similar to the amount raised last year, which was also a year marked by war. One venture capital firm, NFX, has already announced that it is halting capital raising from external investors and reducing its headcount; the market anticipates that other funds will follow suit.
In recent years, the lead role in "seed" funding rounds for attractive, high-growth startups has been dominated by foreign venture capital firms such as Sequoia, Lightspeed, and Bessemer. Israeli seed-focused funds have been sidelined, with their place taken by funds that participate alongside lead investors, such as Omri Casspi’s Swish and Eric Reiner’s Vine Ventures. According to data from the National Venture Capital Association in the US, 26 mega-funds representing 4% of the total venture capital raised in the US are responsible for 68% of all startup funding rounds in the country.
The partners at Vintage
Vintage is an Israeli venture capital firm with a three-pronged strategy: investing in startups, investing in other venture capital funds, and acquiring shares in secondary rounds. It is currently managed by partners Abe Finkelstein, Asaf Horesh, Amit Frenkel, Iren Reznikov, and Leyla Holterud. Several partners have left the fund in recent years: founder Alan Feld, who stepped down; Hamutal Meridor, who departed to found Kela; Keren Terner, who moved into politics (she is currently a candidate for the Knesset in Naftali Bennett’s party), Shira Eting, Ehud Hai, and Orit Shilo.
The fund announced that Tzlil Kovetz has been promoted to partner, as has Ilan Leiferman, who heads Value+-a network that connects Vintage’s portfolio companies with major global corporations.
Published by Globes, Israel business news - en.globes.co.il - on October 22, 2026.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.