Israeli venture capital firm Evergreen Partners has closed its fourth fund on $140m, the lower end of the fund’s $140m to $170m target.
99 per cent of the fund’s capital came from outside
The number of European investors in the fund was substantially lower than in the firm’s previous fund, which closed on $170m in 1999. Harel Insurance and one private investor were the fund’s two Israeli investors, according to Israeli newspaper Globes. Announcement of the final close was made at an investors conference in
Evergreen was unavailable for comment.
Evergreen IV has already completed five investments since holding a first close on E95m in January 2003. It has invested in Montilio, ItemField, Big Band Networks and Transpharma Medical. In 2002, Evergreen made 17 investments, including 14 follow-on investments.
Evergreen was founded in 1987 by chairman Jacob Burak. The firm, which now manages more than $700m, invests in software, communications and life sciences and has completed 26 exits since it was set up 16 years ago.