Wanaka closes first fund at $50 million

The fund defines its investment targets as mid-tech.

14 May 08 10:13, Batya Feldman

Sources inform ''Globes'' that Wanaka, the venture capital arm of private equity group Odin Investments Ltd., has closed its first fund, Wanaka Capital Partners Mid-Tech Opportunity Fund LP, on $50 million. Wanaka was founded eighteen months ago by Gabriel Perel, and is now managed by Ronen Melnik and Avi Shani.

Perel confirmed the fund raising, adding "The funds were raised from international investors across the globe. They include institutional investors but most are individuals and families, as is the practice when raising a first fund. Our plan is to raise $100 million for the second fund, which will have a more varied investor structure." Melnik added that 15% of the fund's investors are Israeli institutions, 20% are private Israeli investors and the rest are foreign private investors, principally from Europe.

Wanaka has been making investments from the fund over the last six months, since announcing the first closure. Wanaka has classed the fund as mid-tech, meaning that it invests companies in varying fields, targeting markets that are not necessarily technologically intensive.

Wanaka's most recent investment, totaling $4 million, was in Sure International, which develops anti-microbic materials for use in food wrappings, textile, medical equipment and waste water equipment. "In mid-tech, the technology can be revolutionary, but the risk profile is lower. We've discovered over the last year that there are a lot of start-ups like this," adds Melnik.

Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2008

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