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JVP raising $70m fund

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Monday, June 13th, 2011

As reported in Globes:

Jerusalem Venture Partners, run by founder and managing partner Erel Margalit, is raising a new $70 million fund. JVP today announced that it has already raised the first $50 million of the fund and that it is close to raising the remaining $20 million. The new fund, which it is calling an opportunity fund rather than a venture capital fund, has already invested in three companies.

Two weeks ago, JVP sold $95 million worth of shares in Sweden’s Qlik Technologies Inc. (Nasdaq: QLIK), which has a market cap of $2.4 billion. JVP made a 50-fold return on its investment in the business intelligence solutions firm. Altogether, JVP has sold $294 million worth of Qlik shares.

JVP manages $820 million in seven funds and invests in media, Internet, mobile, advertising, games, software, and semiconductor companies.

The opportunity fund has participated in the $50 million round by photonic integrated circuit developer CyOptics Inc. in March, the $26 million round by 4G LTE chipset developer Altair Semiconductor Ltd. in April, and the $21 million round by digital mobile TV chipset developer Siano Mobile Silicon Inc. in May.

A source at JVP said, “Everyone knows that Israel has venture capitalists who have tired and owe liquidity. We will be there to invest in outstanding companies, and to help them grow instead of being sold now at low prices and multiples.”