Ibex raises $87 million for new Israel-focused secondary fund
The U.S. investment firm is targeting liquidity opportunities in growth-stage Israeli companies as founders, employees and early investors seek to sell shares before an IPO or acquisition.
U.S.-based venture capital firm Ibex Investors has raised $87 million for an Israel-focused fund that will specialize in secondary investments, purchasing shares from founders, employees and early investors in growth-stage companies.
The new vehicle is Ibex’s second Israel-focused secondary fund. The firm raised its first such fund, worth $40 million, in 2024.
Ibex manages a range of Israel-focused investment vehicles. These include Ibex Israel VC II, an early-stage venture capital fund that raised $106 million in 2024; Ibex Israel VC I, which raised $100 million in 2020; a fund launched in 2020 focused exclusively on publicly traded Israeli companies; and a hybrid evergreen fund that invests in both public and private companies. The latter was launched in 2012, marking the beginning of Ibex’s operations in Israel.
Ibex manages more than $400 million in assets through its Israel-focused strategies.
The new secondary fund will be managed by Osnat Velingard, who joined Ibex after five years as a growth investor at Susquehanna Growth Equity, where she invested in growth-stage companies across Israel and Europe and across a range of sectors. She will be based at Ibex’s Tel Aviv office.
Velingard joins the firm’s two local partners, Aaron Rinberg and Adi Dangot-Zukovsky, as well as its Israel-based investment team.
Justin Borus, founder and chief investment officer of Ibex Investors, said the firm’s investors recognize the opportunity in Israel and noted that Ibex has raised $267 million for Israel-focused funds since October 7, 2023.
Borus founded Ibex in Denver, Colorado, where the firm is headquartered. The firm manages more than $1 billion in assets globally.
The new fund will provide liquidity to shareholders of growth-stage Israeli companies without requiring those companies to conduct a new funding round or go public. Secondary transactions allow founders, employees and early investors to sell part of their holdings while the company remains private.
Ibex’s Israel portfolio includes early-stage investments in cybersecurity companies Offroad AI and Reclaim Security, proptech company LeanCon, travel-tech company Localbird and fintech company Viewz.
The firm has also seen several recent exits among its portfolio companies, including Datavant’s acquisition of DigitalOwl, Check Point’s acquisition of Cyclops and ServiceNow’s acquisition of Traceloop.
