Just one gov't backed tech fund set for TASE offering

Just one gov't backed tech fund set for TASE offering

IBI High Technology Mutual Fund, the IBI high-tech fund, has passed the minimum hurdle and will offer its units on the TASE (Tel Aviv Stock Exchange). The fund will receive government protection for investment in startups. The fund, led by Dr. Dan Aks and Dr. Dor Lilo, reported that it had met the minimum requirements by raising over NIS 403 million, Globes reports.

High-tech funds in Israel are nevertheless a big failure for Israel, which sought to create four funds raising at least NIS 400 million each that would obtain government protection in order to promote investments in the Israeli high-tech sector. IBI's fund is one of five groups that competed for four places provided by the state. The other four all failed to raise the minimum amount.

The funds were Ayalon Mutual Funds together with shareholders in Halman Aldubi Investment House, Alumot Investment House, Kesem Excellence, and Eucalyptus, led by Eldad Tamir and Tamir Fishman. All of the funds have cooperation between capital market and venture capital and technology personnel. It is believed that Eucalyptus will continue its efforts even without government support.

The funds in question, which are a kind of marketable venture capital fund with the structure of a mutual fund, are designed to facilitate investment by the general public in technology ventures. In July 2017, the Ministry of Finance Accountant General department and the Israel Securities Authority jointly published a "tender for selecting concerns to manage funds for investment in high-tech companies," to be listed on the TASE.

IBI High Technology did not have an easy time, either; it had to strive mightily to achieve the required minimum, and even then only after cutting its initial 2% management fees to 1.3% and setting a yield hurdle of 7% a year above which it will earn a success fee of 20% of the positive return on non-marketable investments generated for holders of units in the fund (the fund originally planned to charge success fees on every positive return without any minimum success, including on the marketable part).

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