Israeli venture capital funds continued to post losses in 2010, according to California Public Employees' Retirement System (CalPERS), which published its comprehensive annual financial report for 2010 yesterday. The report summarizes the yields of the venture capital funds that it has invested in.
Carmel Ventures' Carmel I Fund, raised in 2000, was the best-performing Israeli fund, with a yield of 5.9% and a multiple of 1.3. The Carmel I Fund was raised in the shadow of the dot.com bubble, proving the adage that funds that invest in companies in times of crisis, achieve better performance.
The Carmel II Fund, raised in 2005, had a negative yield of 4.9%, and a multiple of 0.9. This fund has four more years of operation for its portfolio companies to achieve liquidity.
Jerusalem Venture Partners (JVP) had an annual yield of 3.5%, thanks to the IPO and sale of shares in Sweden's Qlik Technologies Inc. (Nasdaq: QLIK).
Pitango Venture Capital, which is raising $350 million for its sixth fund, is still showing poor yields. The $500 million Pitango III Fund, raised in 2000, had a negative yield of 4.6%, and will probably not become one of the firm's more successful funds. The Pitango IV Fund had a yield of 1.4%, thanks to the sale of portfolio companies such as Optonol Ltd. and Mobile Access Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2011
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