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This morning, June 18, 2018, IBI Investment House’s management opened the trading on the Tel-Aviv Stock Exchange (TASE) to mark the offering of units in the IBI Elite Technology high-tech fund.
The Ministry of Finance considers it important to establish elite technology funds that will provide investment opportunities in high-tech companies through an instrument that will be listed on TASE and has published a tender for the establishment of such funds. IBI is the sole fund that to date has succeeded in meeting the equity requirement, having raised NIS 403 million from investors.
The Fund will invest 75% of its equity in technology companies listed on TASE and on foreign exchanges and up to 50% in private Israeli high-tech growth companies. The state will offer loss protection for the investments in private growth companies – to an extent of up to 20% of the investment – and the fund will also be entitled to receive investment incentives from the state.
Dave Lubetzky, Partner, Chairman of IBI Mutual Funds: “We are proud to be the first group to have closed the financing of a fund that will invest in the Israeli high-tech industry and that will be listed on TASE. Out of the fund’s NIS 403 million, more than NIS 320 million was raised from institutional investors. The significance of this is that the most professional investment committees in the Israeli capital market have examined the funds and have elected to invest with us under the unique model that we have developed. This is an expression of confidence in IBI, in the fund and on the model on which it is based.
We are extremely proud to be at the forefront of the alternative investments field. This is a field that we first entered five years ago, and we already manage five funds and in excess of NIS 2 billion. In contrast to the other unique investment funds that we manage, which are only open to qualifying investors, the IBI Elite Technology Fund will be listed on TASE and will be open to all investors, large or small. For the first time, we are bringing the good news of alternative investments to the retail segment; our next task is to begin working on generating yields. We have confidence in the unique model that we have developed, as well as having faith in the outstanding personnel that will work alongside us in ensuring the fund’s success.”
Sraya Orgad, EVP , Chief Strategy Officer: “I am delighted to congratulate IBI on its success in meeting the requirements set by the Ministry of Finance in order to establish the fund and list it on TASE.
I would like to thank the Ministry of Finance and the Israel Securities Authority for their leadership and effort in promoting the new investment vehicle – the high tech investment fund, as well as agreeing to provide governmental incentives to the investors in the fund.
We hope to see the fund create substantial value, first and most importantly, for the investors, by investing in private and public technology companies in Israel, while supporting their development for the benefit of the Israeli economy.”
Pictured from right to left: Saar Wilf, high-tech entrepreneur and one of the Fund’s investment partners; Uri Weinheber, Fund Consultant; Adv. Guy Ben-Ari, Ben-Naftali, Erez, Zahavi & Co.; Inbar Pintel, Head of Marketing at IBI’s Alternative Investment Funds Department; Dr. Dor Lilo, Co-Manager of the Fund; Dr. Dan Aks, Co-Manager of the Fund; Dave Lubetzky, Chairman of IBI Mutual Funds; Ori Ben-Dor, CEO of IBI Mutual Funds; Oren Cohen, VP Sales and Marketing at IBI; Sraya Orgad, EVP and Head of TASE’s Strategy & Business Development Department; and, Ittai Ben-Zeev, TASE’s CEO.
Photo credit: Omer Messinger.
