Vintage Completes First Closing of $290m in Commitments to Fifth Fund of Venture Funds

Nov, 2018
Vintage Investments

Herzeliya –

Israeli technology investment firm, Vintage Investment Partners, has announced that it completed the first closing of $290m in commitments to its fifth fund of venture funds and eleventh fund overall.


Vintage’s new fund of funds

has three components: the Access Fund, which invests in leading US and European venture funds over $100m, the Emerging Fund, which invests in leading and experienced breakaway teams in sub 100m (in the local currency) venture funds in the U.S. and Europe and the Israel Fund which invests in leading Israeli venture funds.

Vintage’s funds of funds invest generally in over-subscribed venture funds and managers with strong track records of returns and a proven ability to identify technology trends as well as provide value to the greatest entrepreneurs.

The closing of this new fund of funds brings Vintage’s assets under management to $1.8 billion.



Vintage Investment Partners is Israel’s only integrated venture platform combining secondary funds, direct co-investment funds, and fund-of-funds. With approximately $1.8 Billion under management across Israel, Europe and the US, the firm is invested in several of the world’s leading venture funds with exposure to over a thousand technology companies. Vintage uses its unmatched network to connect thousands of technology startups across the world to hundreds of corporations seeking support in their digital journeys, helping drive an ecosystem to maximize its potential and reach new heights. The Vintage General Partners are Alan Feld, Abe Finkelstein, Amit Frenkel and Ehud Hai along with 34 team members.


Israel’s Venture Capital Industry Creates Office to Battle Sexual Harassment

Jun, 2018
Calcalist Tech

38 Firms have so far signed onto the new policy, which is a response to the global #MeToo moment and recent scandals in the industry

A group of venture capital firms in Israel has come together and created an independent ombudsman’s office to handle sexual harassment allegations across the industry. The 38 companies have empowered the office to investigate claims and issue recommendations for sanctions, including the possible firing of offenders.

The first person to occupy the role, which has been created under a new industry-wide, anti-harassment policy, is Dina Efrati, a retired labor court judge who led high-profile investigations of corporate sexual harassment cases in Israel.

One of the goals of the policy is to fill gaps in Israel legislation that deals with workplace harassment. Israeli law, for example, addresses the relationship between employers and their employees, but there is no explicit provision that would shield entrepreneurs who may be facing harassment from investors, the policy states.

In her new role, Ms. Efrati will serve as an address for complaints. Her appointment is not intended to replace legal procedures such as filing a complaint with the police, the policy says. said.

The move is a response to the #MeTwo moment, which has seen a bevy of exposés uncovering sexual harassment cases in the venture capital industry. In March, Israeli investigative news show “Uvda” alleged that Ramir Beracha, who was at the time a managing general partner at Pitango Venture Capital, harassed several women who met with him professionally, then hired private investigators to prevent news of his alleged sexual misconduct from being published. Mr. Beracha denied the allegations, but resigned following the broadcast.

Pitango is one of the firms that signed off on the new policy. Other participants include Vintage Investment Partners, whose founder Alan Feld is behind the initiative; Lool Ventures; Qumra Capital; Glilot Capital Partners; 83North; TLV Partners; Maverick Ventures; Vertex Ventures Israel; OurCrowd Ltd.; Magma Venture Partners; Pontifax Ltd.; PICO Partners; Square Peg Capital; Terra Venture Management Ltd.; Deutsche Telekom Capital Partners; Giza Venture Capital; Gemini Capital Fund Management Ltd.; Disruptive Technologies Venture Capital; Entrée Capital; Inimiti Venture Capital; Hanaco Ventures; Triventures; and more.

The ombudswoman will have the authority to address old complaints as well as new ones, said Yaniv Golan, general partner at Lool Ventures. He added that every fund has committed to publish the relevant information regarding the policy on its website to make the process transparent to the public.


Vintage Investment Partners Announces Promotion of Several Team Members

Oct, 2017
Vintage Investments

October 30 2017 – Herzliya Pituach, Israel 


Vintage Investment Partners announced today a number of promotions of members of its investment and operations teams.

In the Investment team:

  • Ehud Hai, who started at Vintage 11 years ago as a Principal and was promoted a few years ago to Partner, has now been promoted to General Partner
  • Asaf Horesh and Yoni Levy, both Principals, have been promoted to Partner
  • Yonah Monk, who joined as an Intern five years ago, has continued to grow within Vintage and has been promoted to Principal
  • Ameer Awadiyeh, who joined Vintage as an Analyst just under two years ago, has been promoted to Associate


In the Operations team:

  • Michael Blajwas, Vintage’s CFO, has been promoted to COO and will be managing all financial, legal, compliance, IT and administrative matters at Vintage
  • Rinat Oyzerman, Director of Finance and Compliance and who is responsible for Investor Communications, was promoted to Chief Compliance Officer


Alan Feld, Vintage’s Managing Partner noted: “We are very proud of the deep team that we have built at Vintage and we are committed to further expanding the team to ensure that we are doing the best possible work for our investors, portfolio funds and portfolio companies.”

Vintage is managed by Alan Feld, Abe Finkelstein, Amit Frenkel and Ehud Hai. Vintage has $1.5 billion under management in secondary funds, fund of funds, late stage investment funds and a co-managed primary fund account. The firm is based in Herzliya Pituach, Israel and has 27 employees.  The firm’s investors consist of tens of institutional investors, including pension funds, insurance companies, university endowments, foundations and family offices throughout the U.S., Canada, Europe and Israel.  To learn more about Vintage, visit

For more information, contact Alan Feld, Managing Partner, at +972-9-954-8464 or +972-54-595-2299 or


Israel's Vintage closes $215m VC fund

Aug, 2017

Israeli venture capital fund Vintage Investment Partners has announced that it has completed the closing of Vintage Investments X, its tenth fund overall and fourth secondary fund, with $215 million of commitments.

The fundraising target for Herzliya-based Vintage X had been $175 million but the fund was heavily over-subscribed. The financing was raised from leading US, Canadian and Israeli financial institutions, university endowments, foundations and family offices, the vast majority of whom were investors in Vintage’s prior funds. Vintage’s previous secondary fund raised $161 million. The closing of Vintage X brings the firm to about $1.5 billion under management.

Vintage X says it will continue to focus on purchasing limited partnership positions in Israeli and European venture and growth equity funds as well as select US venture funds. Vintage will also continue its strategy of acquiring shares in private technology companies from entrepreneurs, former employees and angels who want liquidity on their holdings.

Vintage founder and managing partner Alan Feld said, “The fund represents a major milestone for Vintage as it is our largest secondary fund to date.”

Prior to Vintage X, Vintage had raised three venture-focused secondary funds, four venture funds-of-funds and two late-stage venture co-investment funds.

Vintage general partner Abe Finkelstein said, “It is not just our long-term commitment to venture that has given us unique access to great venture managers and great technology companies. For top-tier venture funds and premier startups, money is a commodity. Vintage decided that it was time to change the model – to become the investor that works for its venture fund managers and venture-backed companies.”

Vintage general partner Amit Frenkel said, “Vintage has created a value added services team, providing a free service connecting large corporate customers and potential strategic partners to the 6,500 companies it actively tracks. What general partners do for their companies, Vintage tries to do for its GPs and for its direct venture holdings. In fact, in the last 24 months, Vintage has booked over 500 qualified-lead meetings between direct and indirect portfolio companies and Global 10000 companies. Last year, we hired Orly Glick from McKinsey to run our Value Added Services team. Orly and her team have generated several millions of dollars of customer contracts for our direct and indirect portfolio companies.”

Vintage general partner Ehud Hai added, “Vintage believes that general partners and technology company CEOs should expect genuine added value from secondary investors as a pre-requisite for access to their venture funds and companies.”

Published by Globes [online], Israel business news – – on August 6, 2017

For the original article


Vintage Investment Partners Announces Close of $215 Million Technology Secondary Fund

Aug, 2017
Vintage Investments

Vintage Investment Partners announced today that it has completed the closing of Vintage Investments X, its tenth fund overall and fourth secondary fund, with $215 million of commitments.

The fundraising target for Vintage X was $175 million, however, the fund was heavily over-subscribed. The funding was mainly secured from leading U.S., Canadian and Israeli financial institutions, university endowments, foundations and family offices, the vast majority of whom were investors in Vintage’s prior funds. Vintage’s previous secondary fund raised $161 million. The closing of Vintage X brings the firm to approximately $1.5 billion under management.

Vintage X will continue to focus on purchasing limited partnership positions in Israeli and European venture and growth equity funds as well as select U.S. venture funds. Vintage will also continue its strategy of acquiring shares in private technology companies from entrepreneurs, former employees and angels who want liquidity on their holdings.


To read the full press release



May, 2017
The Jerusalem Post

Taking up the challenge issued by President Reuven Rivlin to integrate what he calls the four tribes (secular, haredi, National Religious and Arab) into the work force, a group of 27 venture capitalists, academics and senior staff of the Labor and Social Services Ministry, led by Alan Feld, launched the Israel Diversity Initiative on Sunday at a meeting with Rivlin at the President’s Residence.

Feld emphasized that they were not starting another organization but putting into greater practice a policy already embraced by several of the companies represented.
The idea is to be nondiscriminatory in hiring hi-tech staff and to give all – regardless of gender, race, religion or national background – equal opportunities to be part of Israel’s hi-tech industries.

“We hope that we can build something together and create an ethos of partnership,” said Feld, noting that a number of hi-tech firms have established partnerships in Ramallah.

He said the group is learning a lot from Collective Impact and from IDC Herzliya.

“IDC teaches us to absorb people in the best and most effective manner. We are formulating a policy that is non-discriminatory and allows equal gender and ethnic opportunities,” saidFeld , adding that the group also wants to develop a mentorship program.

An interesting finding in hi-tech is that the lower the salary the fewer haredim and Arabs; the higher the salary, the greater percentage of haredim and Arabs.

Women are generally in the lowest salary level in hi-tech, which may explain why so few women study computer sciences, but in recent years there has been a considerable increase in the number of Arabs studying computer sciences.

Michal Tsuk of the Labor and Social Services Ministry noted the high potential of the haredi and Arab communities and said that there are more haredim studying at universities than ever before. She would like to see an increase in the number of haredi and Arab women engaged in high tech.

Rivlin said 3,500 additional workers are needed to fill hi-tech positions.

Social psychologist Prof. Tamar Saguy of IDC Herzliya, who specializes in conflicts and discrimination, said that there is an implicit bias that influences the decision-making process when hiring workers.

Opportunities must be equal, she said, but there must be an awareness that every group has its own challenges and special needs; according to best practices these must be recognized.

Technion graduate and inventor Kobi Samburski said that when he was a student, there were very few women at the Technion and Arab and haredi students were next to nil.

“We have to bring people to the realization of their potential and create a platform in which we can help them to improve.

The community is the human resource,” he added, advising people looking to work in hi-tech or to employ hi-tech specialists to go to the PowerIn- Diversity website launched on Sunday.

The important lesson, said Feld, is “that my colleague at work is not my enemy.”

Rivlin said that too often decisions simply remain decisions without being implemented, and the decision makers remain oblivious to what comes next.

“What we want to do is to create hope,” he said.
To read the original article


The Importance of the Scaling Entrepreneur: Some Data from Israel

May, 2017
Alan Feld

Venture investing is a business of elephant hunting.

The difference between a mediocre fund and a great fund is far less dependent on percentage hit rates than on being able to source, select and invest in very big winners.  In other words, the key to outsized returns is getting into the companies that can scale to be great businesses and in fact do scale.

To quantify this, we analyzed the financial statements of over 90% of the Israeli based venture funds formed between 1999 and 2003 with committed capital of at least $20 million. While not all the assets of those venture funds have been realized, the funds of those vintage years are sufficiently realized to provide meaningful data.

What did we find? As Chart I indicates, we found that 10% of the companies yielded 74% of the returns generated by those Israeli venture funds.

Large markets and great products are key components to scaling as you cannot build big companies in small markets. Not surprisingly, being a category leader in a small category does not yield great results.

But, large markets and great products are necessary but not sufficient conditions to a great outcome.  Great management is the most important part in our view.

“Let’s recruit a US CEO for the company” has been a mantra heard all too often from some venture investors in Israel. Implied in this statement is that a founder, and in particular, an Israeli founder, cannot scale a business into a large company.

What seems particularly strange about this approach is that many of the best technology businesses created in the United States were managed to scale by their founders and many of those same companies still are being managed by the founders, decades after formation.

Cisco, Microsoft, Oracle and SAP were all scaled by founders. And of course it took a founder to turn around Apple and make it the most valuable technology company in the world. But, it is not just the “traditional” technology companies that were built by founders; most of the recent unicorn or decacorn companies have been scaled by founders: AirBnB and Uber are just two examples.

But, is this true about the largest exits in Israel? We looked at all the companies that went public or were sold for $150 million and above since 2008 and checked who the CEO was at the time of IPO or M&A. As Chart II below indicates, nearly 70% of all the companies were managed by their Israeli founders and 86% of the exits were managed by an Israeli CEO.

Unfortunately, we do not have a giant number of unicorns in Israel (so far), but if we raise the bar to exits above $500 million (“unicornettes”), the data yields even a more dramatic result. Since 2011, as Chart III below indicates, 80% of the exits above $500 million were managed by Israeli founders and 100% of the exits by an Israeli CEO.

Two great examples of this are Guy Sella of SolarEdge (NASDAQ: SEDG) who led the company to several hundreds of millions of dollars of sales in a very tough “climate” for solar energy systems and Udi Mokady of Cyberark (NASDAQ: CYBR) who built the company into a multi-product, fast growing, yet highly profitable business when cybersecurity was far from being in vogue.  Common to both of these great Israeli entrepreneurs and leaders are an ability to build strong management teams around them, continuously identify new market opportunities, keep expanding the product offering and most importantly present a broad vision of how their companies become long term market leaders.

There are certainly some great Israeli companies that are managed by non-founder CEOs. Forescout and Payoneer are two examples in which we have the honor of being investors. However, these companies tend to be the exception to the rule in Israel and, in fact, in both Forescout and Payoneer, the founders continue to serve in senior executive positions and to be partners in building the businesses.

So what does all this mean?

Our message is be very careful about investing in Israeli companies where you think the founders cannot scale.  If you believe that the founders have the vision, the leadership skills and the capability to build the business, invest. If not, think again. Simple as that. This  message has been crucial to our own investing and we believe should be just as true for the funds in which we invest.


Vintage Investment Partners Announces Close of $200 million Technology Fund of Funds

Apr, 2016
Vintage Investments

Vintage Investment Partners announced today that it has completed the closing of Vintage Investments IX, its latest fund of funds and discretionary managed account platform, with $200 million of commitments.

The fundraising target for Vintage IX was $175 million, however, the fund was over-subscribed. The funding was mainly secured from leading US, Canadian and Israeli financial institutions, endowments, foundations and family offices. Vintage’s previous fund of funds raised $144 million. The closing of Vintage IX brings the firm to approximately $1.3 billion under management.

To read the full press release


The North Face of Innovation

Aug, 2015
Alan Feld

Having grown up in Toronto, I got used to the idea of eight-week summers.
My previous forays in Sweden allowed me to relive Canadian weather. This time, which I went a couple of months ago, I did not have to blow the dusk off my parka.

Stockholm is an absolutely magnificent city, but when you have glorious late spring weather, it is incomparably beautiful.

Stockholm is perched strategically, almost as a bridge, between a series of fresh water lakes and rivers on one side and outlets to the Baltic Sea on the other. But, Stockholm is not only a terrestrial bridge, but an economic (and even cultural) one as well, between the Nordics and international markets.

I had the pleasure of attending the Creandum annual meeting in Stockholm and leveraged the opportunity to meet many investors and companies and the Swedish government agency promoting international investment in Sweden.

In many ways, the Nordics are the best kept secret of venture capital in Europe.
The Nordic venture market represents approximately 10% of the total annual venture investment volume in Europe and only 2% of venture capital internationally. Yet, based on the data that Creandum shared with me (containing approximately 500 European exits), over 50% of the European unicorns and 10% of the global unicorns over the last number of years have come from the Nordics or were started by Nordic entrepreneurs.

Sweden itself represents half of the value created in the Nordics. Some of these Nordic-based or Nordic entrepreneur-founded, billion dollar and multi-billion dollar companies include Expekt, JustEat, King, Mojang, MySQL, QlikView, Rovio, Skype (started in Baltics but moved to Sweden), Spotify, Supercell, Zendesk, etc.

There is a perception that the Nordic venture capital market is a derivative of the games development market. While King, Mojang, Rovio and SuperCell have all been companies founded in the Nordics, the reality is much broader than that.

For example, Sweden has historically been a hub of innovation, inventing such diverse things as automatic identification systems, ultrasound, the pacemaker and even the modern zipper. Today, several other cutting edge technologies are being developed in the country.

First, there is a strong ecosystem in hardware and communications development. “Ericsson refugees” have started several companies, including one of the leading Bitcoin chip developers (KnC). “THINGS”, a hardware accelerator recently opened in Stockholm, backed by ABB, ASSA ABLOY, Husqvarna, NCC and SEB, is incubating, among other things, some cutting edge Internet of Things companies.

Second, the strong culture around music and the arts have made the Nordics one of the world’s leaders in music production. The combination of communications technology infrastructure together with innovation in music promotion not only created Spotify, but also emerging players such as Epidemic.

Third, there are some very interesting software companies coming out of the Nordics. QlikView Software is a world leader in the business intelligence and data visualization space and Klarna, which provides payment services for online storefronts, is one of the most interesting eCommerce infrastructure companies anywhere.

Fourth, a strong oil and gas sector and fish industry in Norway have produced some of the most innovative technologies in both sectors. Declining oil prices have had a short term impact on financing, but the domain expertise combined with the skills sets in communications and software have produced very promising and some very successful companies.
But, above all, the Nordics are producing great entrepreneurs. Danes, Finns, Icelanders, Norwegians and have had a cultural history from the days of Leif Erikson and Canute of being outward bound. More than most other countries in Europe, this embedded internationalism is producing companies that are created to be global from day one. Similar to Israeli entrepreneurs, Nordic founders are moving to the Valley to build their companies and there is a growing Nordic diaspora around San Francisco and Palo Alto.

Unfortunately, the picture is not totally rosy.

First, the venture eco-system was decimated by the 2001 crash. For example, from approximately 100 venture funds in Sweden in the early 2000s, there are six institutional grade funds currently active. This has limited the availability of local sources of growth capital; unlike in Israel where US venture funds and corporate VCs took up the slack, there are no top tier US VCs with offices in the Nordics and local corporate venturing is limited compared to other technology hubs. The glass half full of course is that this shortage of capital makes Nordic venture very much a buyer’s market, a reason that the London-based Accel Europe, Index and some others are very active in the region and are doing particularly well there.

Second, the tax regime is not particularly startup friendly. For example, employee options in Sweden are treated as ordinary income. While other governments around the world have recognized the importance of the small business sector to a flourishing economy, Sweden’s is actually penalizing employees who are creating innovation.

Third, there is a screaming absence of data about the private technology market. The Nordics are plagued by what many other countries in Europe suffer; the “Venture Capital Associations” are controlled by buyout firms with little, if no, interest in promoting technology startup formation, let alone providing the data needed to attract foreign growth capital to the market. For example, finding data in English about new technology company formation in the Nordics, how much money is being invested by stage or sector or even how much money is managed and available for investment in the region is a Herculean task. Creandum, at its expense, started become a data provider for the region.

But, despite those limitations [imagine what would happen if these challenges were solved…], the Nordics are on the rise and we think are a super-attractive investment market. My only advice: Go there in the summer…


Confronting the “S” Word: Dealing with General Partner Succession

Apr, 2015
Alan Feld

It is typically the question that you leave for the end when you meet a venture capital management team for the first time. “Sounds really interesting, but how do you see the firm developing? Have you established a plan for succession to a next generation of GPs”? At that point, the great eye contact that you had with the manager during the meeting is replaced by lots of squirming in their chairs.

Why is VC General Partner Succession Important?

Succession is a real issue.

In a time when there is a huge supply of early stage investment capital, VCs are as much selling themselves to entrepreneurs as entrepreneurs are selling their companies’ stories to VCs. Truly great entrepreneurs are in shorter supply than is commonly believed and the competition to invest in those entrepreneurs is very intense. For entrepreneurs who have a choice, connecting to a VC that they feel understands their business, and is as hungry and as dedicated to making the company a success as they are, may be more important factors in selecting a VC than the highest bid. This is especially true for young entrepreneurs; many of the best companies created in the last 15 years have been created by entrepreneurs under the age of 30. Not surprisingly, young entrepreneurs frequently connect better with younger or youngish VCs.

Moreover, our experience is that most venture funds will use all their term extensions and then some. A venture fund, from start to finish, can take 13 years and, in some cases 16 years or more, to be fully realized. During that period, the fund will have faced at least one down market or financial crisis, creating lots of challenges for the portfolio companies and lots of work for the VCs. Several very good companies will only be realized at the very end of those extension periods. An engaged, energetic, committed and hungry venture management team is as important at the end of the fund as at the beginning and not just for funds ending their lives but for the two to three additional funds that were raised along the way.

As a fund of funds in the venture industry for the long haul, we are looking to build long term relationships with our portfolio funds. When we diligence a fund manager, we are not simply looking at the current fund on offer but we are looking at the manager with the objective of committing to two or three funds out (and ideally in perpetuity). The immediate value we offer our investors today is hopefully quality selection of managers; however, if we select well, we will be offering our investors much longer term access to these great managers.
Conversely, the last thing you want to see as an LP is the implosion of the fund in which you invested because the older team will not let go or did not invest the time or resources to build a strong next generation who can take the fund forward. Unfortunately, this situation has become all too common.

So, “succession strategies” at our venture managers is not just a crucial issue to us in order to ensure that the current fund is invested in the best entrepreneurs and managed well through good and bad times, it is also fundamental to ensuring that we have invested in a long term relationship where we will be partners in multiple funds with the same manager.

Unfortunately, very few VC managers have managed success well. So, I decided to conduct a research project to determine the best practices in succession management.

Getting Succession Right

During the last couple of months, I interviewed the managing partners of several of the world’s leading VCs to see what worked in managing the succession process and what did not.

There were several common themes from the discussions that I would call the Six Rules of Succession.

First, the worst thing a GP can do is deal with this issue during fundraising of a new fund. Succession processes need to be carefully thought out and even more carefully implemented. The process needs to be triggered by the GP’s own recognition that a long term team development plan is required and not as a result of LP questions during fundraising. Planning succession or, worse, recruiting successors with the Damocles’ Sword of fundraising hanging over GPs’ heads rarely, if ever, works.

Second, you need to start the process and put the mechanisms in place at least 5 to 7 years before the current team transitions out. While most firms appear not to have a mandatory retirement age, it is very common for the founding or the current managing partner teams to start phasing out in their late 50s or, latest, early 60s. In the survey we conducted, the new managing partners on average were 44 years old. But, many of those new managing partners had been with their firms for 7 to 10 years before taking on the new role. The smart VCs were already trying to build their bench of future managing partners early, well before the transition, and, in a “try and buy” approach, seeing if they had the investment skills and brand enhancement mettle to become stars.

Third, fundraising and other firm management responsibilities should be transferred gradually to the junior team, well before the final transition date. It takes a while to build relationships between the junior partners and LPs and learn the day to day managerial challenges of managing a venture fund.

Fourth, a successful transition requires just that: a full transition. The founders and managing partners have to step aside and allow the new team to run the firm. It means that the older partners do not serve on the investment committee of new funds and leave the management decisions and certainly all the new investment decisions to the younger partners.

Fifth, it also means a transition in economics. In our research, we found that there is residual economics (carried, but rarely management fee) to the older team from the point of retirement for one or two funds at most. When you leave, you leave – managerially and economically.

Sixth, the process must have both visibility and certainty. It requires an open and genuine dialogue between the senior retiring team and incoming management team. It means clear processes, clear formulas, openly determined and set fairly through discussion and not as a decision from “on high”.

One Addition, but Critical Note: Creating the Requisite Culture

Effective succession requires an overriding element that goes well beyond the mechanics of the process. That element is establishing a firm culture and embedding that culture in the team that takes the reins of the firm.

Creating a culture in a non-hierarchical organization such as a partnership is, at best, challenging. But, the firms that we saw that succeeded effectively in the succession also had a number of common cultural elements:

  • a commitment to excellence
  • an overriding devotion to the integrity and the reputation of the firm
  • a willingness to let young partners build their own successes and make their own mistakes
  • relatively little hierarchy on decision making – every partner has the same say
  • relative equality in economics among the partners at the time of the succession
  • a willingness to openly criticize (constructively of course) one’s partners and more importantly a willingness to constructively accept the criticism of one’s partners

Despite the current heady days, running a venture capital is a marathon and not a sprint. Venture funds need to apply the same disciplines in running their own firms that they advocate to their portfolio companies. In applying those disciplines, the great managing partners will only truly succeed when they build the team that makes them irrelevant.


Vintage raises $125m for co-investments

Jan, 2015
Private Equity International

This is the Israeli firm’s second co-investment vehicle, and its eighth fund overall

Vintage Investment Partners has held a first and final close on its latest late stage co-investment fund on
$125 million, according to a statement from the firm.

Vintage Investment Partners VIII was “heavily over-subscribed”, according to the firm, with commitments
mainly secured from financial institutions, endowments, foundations and family offices.

Vintage VIII will continue the strategy from Vintage V, the firm’s 2011-vintage previous late stage coinvestment
fund which closed on $80 million. The fund will co-invest alongside Vintage’s portfolio of venture
capital and technology-focused private equity funds in promising late-stage portfolio companies in Israel and

Vintage VIII will typically invest $3 million to $10 million per company, the firm said, focusing on later stage,
revenue generating companies active in the communications, enterprise software, internet infrastructure,
semiconductors and medical device spaces.

“Our model is to join or lead rounds where the majority of the capital comes from the current investors,” said
Vintage founder and managing partner Alan Feld. “We are happy to only take observer seats on boards and
we do not need all types of veto or other unique rights.”

Prior to this fund, Vintage has raised three secondaries funds, three funds of funds and one late stage coinvestment
fund. Its latest fund of funds, Vintage VII, closed on $144 million, above its target of $100 million,
in October 2014. Vintage VI, a secondaries fund, closed on $161 million, above its $150 million target, in
June 2013. This latest fund close brings the firm’s assets under management to around $980 million.

“As a result of our secondary and fund of funds activities, we have been meeting many of Israel’s leading
private technology companies for several years,” said Vintage partner Ehud Hai. “This has allowed us to
identify in advance the companies that best fit our model.”

Vintage general partner Amit Frenkel said the new fund “offers a win, win, win to the entrepreneur, the funds
that invested in the company and to us” as acquiring small stakes in companies is not overly dilutive to the
funds or the entrepreneurs.

“Moreover, as we are not competing with the funds, there is not an issue of who is taking the credit for
leading the company or the deal,” Frenkel said.

To read the original article


Vintage Investment Partners Announces Close of $125 million Late Stage, Co-investment Fund

Jan, 2015
Vintage Investments

Vintage Investment Partners announced today that it has completed the first and final closing of Vintage Investment Partners VIII, its latest late stage co-investment fund, with $125 million of commitments.

Vintage VIII was heavily over-subscribed, but the Vintage management team decided to maintain the hard cap of $125 million. The funding was mainly secured from leading financial institutions, endowments, foundations and family offices. Vintage’s previous late stage co-investment fund raised $80 million. The closing of Vintage VIII brings the firm to approximately $980 million under management.

To read the complete announcement


Israeli Fund of Funds Plans International Tech Investments

Oct, 2014
Wall Street Journal

TEL AVIV– Israel-based Vintage Investment Partners has closed Vintage Investments VII, its latest fund of funds, with $144 million of commitments. Having operated mainly in Israel in previous funds, Vintage now plans to invest in funds that focus on Series A investments in the U.S., Europe and Israel.

Vintage previously invested in Wilocity Inc., a developer of a chipset that enables gigabit wireless connectivity, acquired in July by Qualcomm Inc. Other investments include international online payments company Borderfree Inc. which went public on the Nasdaq in March, content recommendation platform Outbrain Inc., and TabTale Ltd..a developer of apps for children.

The current funding was secured largely from U.S., Canadian and Israeli financial institutions, endowments, foundations and family offices. Prior to Vintage VII, Vintage raised three secondary funds, two funds of funds and a late-stage venture co-investment fund. Vintage’s previous fund of funds raised $92 million.

The news from Vintage comes on the heels of Israel–based Magma Venture Partner’s closing of a $150 million fund.

According to IVC Research Center, a tech research firm, Israel’s venture capital industry peaked in 2000 with more than $2.8 billion raised. Since 2008, local VCs have not succeeded in raising over $1 billion in a year. This year will be no different, IVC claims.

According to IVC, Israeli venture funds’ investments share of all venture investments in the Israeli market has dropped from 49% in 2005 to 24% in 2013.

“Israel is seeing an all-time high in the number of new companies being formed. This is creating a very significant opportunity for Series A investment,” said Alan Feld, Founder and Managing Partner of Vintage.

To read the original article


Vintage Investment Partners Announces Close of $144 million Technology Fund of Funds

Oct, 2014
Vintage Investments

Vintage Investment Partners announced today that it has completed the closing of Vintage Investments VII, its latest fund of funds, with $144 million of commitments.

The fundraising target for Vintage VII was $100 million; however, the fund was over-subscribed. The funding was mainly secured from leading US, Canadian and Israeli financial institutions, endowments, foundations and family offices. Vintage’s previous fund of funds raised $92 million. The closing of Vintage VII brings the firm to approximately $850 million under management.

Vintage VII will focus on investing in venture capital funds in the United States, Europe and Israel and in technology-related private equity funds in Israel. Vintage VII will also buy low-funded secondary/early secondary positions in these types of funds.

To read the complete announcement


Vintage beats target for tech secondaries fund

Jun, 2013
James Taylor

The Israeli fund of funds manager’s successful $161m fundraising highlights the increasing interest from overseas in Israeli Technology companies.

Vintage Investment Partners has raised $161 million for a new technology secondaries fund, beating its $150 million target following strong investor demand.

The vehicle, Vintage Investments VI, will buy LP positions in Israeli venture capital and private equity funds, and also look for direct secondaries deals, i.e. portfolios of private equitybacked Israeli technology companies. It also has the capacity – as with previous Vintage secondaries funds – to buy out individual shareholders in private companies.

Vintage spent about six months on the fundraising trail, according to managing partner Alan Feld. The “vast majority” of the firm’s LPs from its previous $125 million secondaries vehicle returned and increased their stake, he said, while a number of investors also committed capital to the firm’s informal co-investment pool, which provides Vintage with an extra $100 million or so of firepower.

Feld suggested that investors were attracted by Vintage’s in-depth knowledge of the local market. The firm has been operating in the Israeli technology space for ten years, and has developed a proprietary database that tracks the performance of 230 Israeli funds and nearly 4,000 private equity backed technology companies. “People are looking to invest in managers with a competitive advantage in their particular market … Not only do we meet fund managers regularly, but we also try to meet on average about 10 companies per week. That means we can value companies much more effectively and accurately, and we can make offers to sellers relatively quickly.”

Israeli companies are also seeing plenty of interest from big US technology companies looking to boost top-line growth and invest some of the cash that for tax reasons it’s difficult for them to repatriate, Feld adds. Over 70 big tech companies have already made acquisitions in Israel, Feld says, while the likes of Google, Oracle, Facebook, Microsoft and Apple all have R&D centres in the country.

One notable strategic change with the new fund will be a greater focus on European opportunities, Feld said. “We believe there’s an opportunity in Europe. We’ve started to commit to Europe on a primary basis over the last year, and we’re now starting to significantly [boost] our efforts in European technology- and venture-related opportunities. That’s an important addition to the strategy.” Vintage already knows many of these European groups because of their portfolio interests in Israel, he added.

This is the sixth institutional fund for Vintage, which is based in Herzliyah Pituach near Tel Aviv in Israel. It had previously raised two secondaries funds, two funds of funds and a coinvestment
vehicle. It now has $700 million of assets under management.


To the original article – PEI Vintage

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Alan Feld interview in The Marker

Jan, 2011
Vintage Investments

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