Jerusalem-based Shavit Capital Fund III (U.S.) LP raised $75 million as reported by Globes. According to a Form D recently filed with the SEC, the offering’s US fundraising target was $60 million. New York-based investment banking boutique Maxim Group acted as the placement agent.
Gary Leibler, who serves as Managing Director of Shavit Capital Fund, was instrumental in helping Maxim Group, which was spun off from Investec in 2001 and is headed by its chairman and CEO Michael Rabinowitz, establish its investment banking activities in Israel. They both helped facilitate the successful IPO of several Israeli companies on NASDAQ.
Shavit Capital Fund, located at the Jerusalem Technology Park, is a private equity fund investing primarily in Israeli related companies with a clear path to an IPO (mezzanine rounds) and public companies traded in the US, Israel or other international markets (PIPE/secondary offerings). The Fund seeks investment opportunities in successful, small to medium-sized companies with strong management teams and demonstrated growth potential. The Fund’s Investment Committee includes Gary Leibler, Paul Packer and Jonathan Leibler. Leon Recanati serves as the chairman of the Investment Committee.
Shavit typically invests up to $5 million per transaction and can lead investments of up to $15 million in conjunction with its investor base. The Fund prefers to serve as the lead investor but is also willing to form part of a syndicated deal led by other respected investors.
Shavit is managed by its three founding partners: GlenRock Israel, a private investment company founded and headed by Leon Recanati, Globis Capital Partners, L.P., a New York-based private equity fund managed by Paul Packer, and Leibler Investments Ltd., an investment company controlled by the Leibler Group focusing on investments in Israel.
Gary Leibler held prominent positions in the investment and finance industry, in addition to having experience as an attorney and accountant. He has been actively involved in several successful technology companies including exits to Microsoft, AOL, Amdocs and Lucent. Gary has served as director of various high-tech and investment advisory companies. Gary was the founder and managing partner of AIG Orion Venture Capital Fund, which was managed in partnership with the international private equity practice of American International Group (NYSE: AIG) and focused on the information technology sector. The AIG Orion Fund, with investors including Microsoft, Comcast, and 3Com, was one of Israel’s most successful venture capital funds from the 1999/2000 vintage.
Leon Recanati is one of Israel’s premier business figures and is currently the Chairman and CEO of GlenRock Israel. Until 2003, and prior to founding GlenRock, he served as Chairman & CEO of IDB Holding Corporation Ltd. one of the largest and most diversified holding company in Israel, controlling around 150 different companies, and one of the “pioneers” of the hi-tech industry in Israel. He was the Chairman of Clal Industries and Investments Ltd. and Chairman of Azorim Investment Development and Construction Ltd.. Until 1997, he was Chairman of Delek Israel Fuel Corporation and Super-Sol (retail), in addition to several other positions in a variety of operating companies in Israel. In 2003, he founded GlenRock Israel, a private investment company. GlenRock’s main field of activity is venture capital investment in startup companies engaged in life sciences (including biotechnology and medical devices) and in advanced technologies. Born in Israel in 1948, Leon Recanati has MBA and BA degrees in economics from The Hebrew University of Jerusalem and Honorary Doctorate degrees from the Technion Institute of Technology and Tel Aviv University. He actively heads numerous charitable enterprises in Israel.