Citi Venture Capital International has committed to invest up to USD20 million in Aviv Ventures II, a venture capital fund managed by Aviv Venture Capital that targets mid- to late-stage t
Citi Venture Capital International has committed to invest up to USD20 million in Aviv Ventures II, a venture capital fund managed by Aviv Venture Capital that targets mid- to late-stage technology investments in Israel. Aviv Ventures II has a target capitalisation of USD100m and is expected to have its initial closing at USD50m.
The investment into Aviv is part of a wider effort by CVCI to source private equity transactions in the Israeli market. ‘We are looking to be active in the Israeli private equity market,’ says Sunil Nair, CVCI managing director and head for Central and Eastern Europe, Middle East and Africa.
‘The relationship with Aviv allows us to capitalise on the extensive local networks of the Aviv principals to try to source private equity transactions, while also gaining exposure to the technology venture capital space. This creates a win-win partnership for Aviv and CVCI.’
Dr Amir Guttman, managing partner of Aviv Venture Capital, says: ‘The partnership with CVCI provides Aviv with a business platform and financial backing of a leading global private equity house. We look forward to a fruitful collaboration across a range of investment opportunities.’
Aviv Venture Capital invests in Israel-related companies that aim to bring breakthrough technologies to large established industries such as automotive, clean technology, consumer products and medical devices.
The fund’s managing partners are Yoav Chelouche, a former chief executive of Scitex, Guttman, Aviv’s founder and a former member of the Discount Investment Corporation management team, and Gideon Ben-Zvi, a serial entrepreneur who achieved two exits in Ligature Software and Wizcom Technologies. Dov Tadmor, a former chief executive of Discount Investment Corporation, serves as Aviv’s chairman.
CVCI, a unit of Citi Alternative Investments, specialises in investment in developing markets and has more than 40 investment professionals at offices in London, New York, Hong Kong, New Delhi, Mumbai, Tokyo and Santiago. Since 2001, the firm has made investments principally in Asia, Central and Eastern Europe and Latin America, and currently manages more than USD7bn in funds. Its investment professionals have industry experience covering IT services, business services outsourcing, retailing, pharmaceuticals, telecommunications, renewable energy and financial services.
