JVP on course for fourth fund

At the interim closing Jerusalem Venture Partners has $350m in commitments for its latest communications fund.

Jerusalem Venture Partners, the communications venture capital investors, has announced the interim closing of JVP IV, its new early stage communications and internet infrastructure fund.

JVP has $350m in commitments from a broad range of international investors. Corporate investors include France Telecom, Infineon, Boeing, Nortel Networks and Reuters. Columbia University and MIT have invested in the fund, as have Flag Venture Partners, Merrill Lynch and Axa. Bank Leumi and Hebrew University are among the fund’s Israeli limited partners, whilst the Government of Singapore, Jafco and Temasek have come in from Asia.

The final closing of the fund is expected around September, at between $400m and $500m of total commitments secured. JVP says the fund is going to help expand its focus on the optical networking, data communications and internet infrastructure sectors in the Boston-New York-Washington D.C. corridor. Overall, 40 per cent of the fund's capital will be invested in Israel, 40 per cent in North America, and 20 per cent in Europe.

JVP IV has already participated, alongside other venture capital firms including Battery Ventures, Apax Partners and 3i, in 6 technology investments worth $47m.

JVP was set up in 1993 and has invested in nearly 30 companies. The firm manages $600m and has offices in New York, London and Jerusalem.