Agate, an investment fund founded by former minister of health Dan Naveh and IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) is presenting its plans to investors in the hope of raising $60 million for its first fund. The fund later hopes to expand the amount to $80-100 million. The new fund will focus on investing in late-stage medical device and healthcare companies in Eastern Europe.
Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) and private US investors have already pledged most of the initial $60 million that Agate plans to raise. Clal Insurance chairman Avigdor Kaplan will head Agate’s advisory committee.
Agate has hired Dr. Zachi Berger as managing partner. Berger was previously a partner in Star Ventures, responsible for life sciences investments, and co-founded XTL Biopharmaceuticals Ltd. (Nasdaq:XTLB); LSE: XTL; TASE:XTL) and QuantomiX Ltd.
The new fund has also hired Daniel Keren, who is leaving a VP position at Poalim Capital Markets - Investment Bank Ltd.; Michel Habib, formerly manager for business development at Elron; and Eldad Avraham. Naveh has no background in healthcare or investments, but brings to the fund his knowledge of health systems around the world, his managerial skills, and connections fostered when he was a minister.
Published by Globes [online], Israel business news - www.globes.co.il - on May 31, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007