Israeli venture capital fund Vintage Investment Partners has announced that it has completed the closing of Vintage Investments X, its tenth fund overall and fourth secondary fund, with $215 million of commitments.
The fundraising target for Herzliya-based Vintage X had been $175 million but the fund was heavily over-subscribed. The financing was raised from leading US, Canadian and Israeli financial institutions, university endowments, foundations and family offices, the vast majority of whom were investors in Vintage's prior funds. Vintage's previous secondary fund raised $161 million. The closing of Vintage X brings the firm to about $1.5 billion under management.
Vintage X says it will continue to focus on purchasing limited partnership positions in Israeli and European venture and growth equity funds as well as select US venture funds. Vintage will also continue its strategy of acquiring shares in private technology companies from entrepreneurs, former employees and angels who want liquidity on their holdings.
Vintage founder and managing partner Alan Feld said, “The fund represents a major milestone for Vintage as it is our largest secondary fund to date."
Prior to Vintage X, Vintage had raised three venture-focused secondary funds, four venture funds-of-funds and two late-stage venture co-investment funds.
Vintage general partner Abe Finkelstein said, "It is not just our long-term commitment to venture that has given us unique access to great venture managers and great technology companies. For top-tier venture funds and premier startups, money is a commodity. Vintage decided that it was time to change the model - to become the investor that works for its venture fund managers and venture-backed companies."
Vintage general partner Amit Frenkel said, "Vintage has created a value added services team, providing a free service connecting large corporate customers and potential strategic partners to the 6,500 companies it actively tracks. What general partners do for their companies, Vintage tries to do for its GPs and for its direct venture holdings. In fact, in the last 24 months, Vintage has booked over 500 qualified-lead meetings between direct and indirect portfolio companies and Global 10000 companies. Last year, we hired Orly Glick from McKinsey to run our Value Added Services team. Orly and her team have generated several millions of dollars of customer contracts for our direct and indirect portfolio companies."
Vintage general partner Ehud Hai added, "Vintage believes that general partners and technology company CEOs should expect genuine added value from secondary investors as a pre-requisite for access to their venture funds and companies."
Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2017
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