Carmel Ventures closes new $200m fund

The fund will focus on software and communications investments. Grove Street's Clint Harris: We are happy to be able to increase our commitment.

Carmel Ventures today announced the successful raising of $200 million for Carmel Ventures II to focus on software and communications investments.

The current investors participating in the new fund included three programs managed by Grove Street Advisors LLC, which include Calpers (California Employees’ Retirement System), the Oregon Public Employees Retirement Fund and a private family office, The Partners Group, DPartners, Pomona Capital, Citigroup and Siemens Venture Capital.

In addition Carmel attracted several new investors including Horsley Bridge International, JP Morgan Fleming, a leading Asian Government Agency, LGT Capital Partners, NY State / HarbourVest Partners, The Kauffman Foundation, Swiss Re Private Equity Partners III, Wilshire Associates and Goldman Sachs.

Carmel II general partners are Shlomo Dovrat, Avi Zeevi, Harel Beit-On, Rina Shainski and Ori Bendori.

Grove Street Advisors founder and managing partner Clint Harris said, "We have been involved in the Israeli venture capital market since its inception. Carmel has emerged as one of the top tier firms in this market that has for the last 10 to 15 years performed at least as well as the US. Like the very best new teams outside of Israel, the firm has exceptionally strong operating experience and has built a strong reputation with both the international and Israeli VC communities. We are happy to be able to significantly increase our commitment to Carmel."

Founded in 2000, Carmel is an information technology focused fund. Carmel has offices in Herzliya, Israel and London.

Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, May 03, 2005

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