Evergreen Partners, the Israeli private equity firm specialising in early stage technology investments, has closed its latest secondary fund, the Harvest Fund II, at $90m.
The fund, which achieved a first closing of $75m in May 2001, failed to reach its original target of $100m, although the fund is considerably larger than its predecessor, Harvest Fund I, which raised $25m.
The fund will invest in Israeli-related technology funds and portfolios. Contributors to the fund include previous investors who backed Harvest Fund I, most notably US secondary specialist Landmark Partners, which has agreed to commit 20 per cent to the fund.
Harvest I, launched in 1998, acquired interests in nine venture-capital funds, giving Harvest a wide diversification through indirect holdings in 190 Israeli start-up companies.
The second fund will follow the same path as Harvest Fund I. Its stated aim is to provide original investors in Israeli technology funds and portfolios, which underwent a massive expansion in the 1990s, with an opportunity to sell their holdings within a local framework.
Evergreen Partners was established in 1987 with capital from Canadian private investors. Evergreen’s private equity funds under management now total $520m. The Harvest Fund II will be managed by Shmuel Shilo.