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Apax Israel raising $600 million fund

The private equity firm's second Israeli fund will also focus on local medium-sized companies valued at up to $100 million

Apax Israel is set to embark on a massive funding round, Calcalist has learned. The AMI (Apax Mid-Market Israel) fund will launch its roadshow over the next couple of months, meeting with institutional Israeli investors as well as foreign investors, with the aim of recruiting at least $600 million for its second fund. The meetings are being led by Apax Israel CEO Zehavit Cohen.

 

Apax Israel began raising its first fund seven years ago, ultimately reaching $500 million. Similar to the first fund, the second fund will also focus on mid-market Israeli companies, valued at between $25-100 million, in the sectors of technology, telecom, retail, and health.

 

Apax Israel CEO Zehavit Cohen. Photo: Rami Zerenger

 

Cohen and Apax will be hoping to build on the success of the first fund, which included a single investment that made a return of more than double the entire initial fund. The fund invested $20 million in fintech company Global-e back in 2018, which following Global-e's IPO and surge to a valuation of over $10 billion makes Apax's holdings in the company worth more than $1 billion. Global-e announced this week that it is launching a secondary sale of shares, which will include the sale of $150 million worth of stock owned by Apax.

 

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In total, Apax Israel's first fund invested more than $360 million in companies and its portfolio was valued at $1.55 billion as of this past June.