US-based investment firm Ibex Investors has closed an oversubscribed $87 million fund focused on secondary investments in Israeli private companies and appointed Osnat Velingard as portfolio manager in its Tel Aviv office.
The new vehicle, Ibex Secondary II LP, is the firm’s sixth Israel-focused fund. It is designed to purchase existing stakes in private growth-stage companies from investment funds, employees and the companies themselves, giving existing shareholders a route to liquidity without requiring the company to go public or raise a new financing round.
The fund follows Ibex’s first Israel-focused secondary fund, which raised $40 million in 2024, as well as a $106 million early-stage Israel venture capital fund raised the same year. The firm previously raised a $100 million early-stage Israel fund in 2020, launched an open-ended Israeli public-equities fund that year and has operated an evergreen public-private Israel fund, now managing more than $400 million, since 2012.
Ibex also announced the appointment of Osnat Velingard as portfolio manager. Based in Tel Aviv, Velingard will focus on growth-stage investments and join local partners Aaron Rinberg and Adi Dangot Zukovsky.
“We are delighted to welcome Osnat to the team. Her experience in growth-stage investing adds real depth and strength to our roster,” said Justin Borus, founder and chief investment officer of Ibex Investors.
Borus said the firm’s limited partners continue to see opportunities in the Israeli market despite the upheaval since the Hamas-led October 7, 2023 attack.
“Our LPs recognize the opportunity investing in Israel offers, and since Oct. 7, 2023, we've raised $267M for our Israel-focused funds,” he said. “The combination of our strong team in Israel and across the U.S., plus our robust LP network, helps us unlock our portfolio companies' value and enable them to reach their full potential, especially in the U.S. markets. It's rewarding to hear from founders and LPs that our approach is working.”
Osnat Velingard
(Photo: Rami Zaernegar)
Recent investments in Ibex’s early-stage Israeli portfolio include Offroad, Reclaim Security, Viewz, LeanCon and Localbird.
The firm has also seen several recent exits from the portfolio, including ServiceNow’s acquisition of Traceloop, Check Point’s acquisition of Cyclops and Datavant’s acquisition of DigitalOwl.
Ibex began investing in Israel in 2012 and now manages more than $1 billion in assets across multiple investment strategies. The firm says it can invest throughout a company’s lifecycle, from seed stage through an initial public offering and beyond.
Ibex is headquartered in Denver, Colorado, with additional offices in Tel Aviv and Silicon Valley.