Key Takeaways
- • Ibex Investors closed an oversubscribed $87 million secondary fund (Ibex Secondary II LP) dedicated to acquiring existing stakes in Israeli private growth-stage companies, more than doubling the capital deployed versus its first Israel secondary fund ($40 million raised in 2024).
- • The fund will purchase shares held by founders, early-stage backers, employees, and companies themselves, providing liquidity pathways without requiring IPOs or new financing rounds in a market where public listings remain scarce.
- • Ibex has now raised $267 million for Israel-focused funds since October 7, 2023, signaling sustained institutional confidence in Israeli venture and growth-stage opportunities despite regional geopolitical upheaval.
- • The firm named Osnat Velingard as portfolio manager in its Tel Aviv office, working alongside Aaron Rinberg and Adi Dangot Zukovsky on growth-stage investments, strengthening local operational capacity.
- • Ibex manages over $1 billion across multiple strategies and has demonstrated exit success through recent acquisitions including ServiceNow's purchase of Traceloop, Check Point's acquisition of Cyclops, and Datavant's purchase of DigitalOwl.
Summary
Ibex Investors has closed an oversubscribed $87 million secondary fund focused on Israeli private companies, marking a significant expansion of the firm's Israel secondaries strategy. The new vehicle, Ibex Secondary II LP, represents the firm's sixth Israel-focused fund and more than doubles the capital raised in its inaugural Israel secondary fund, which closed at $40 million in 2024.
The fund's stated strategy centers on purchasing existing stakes in growth-stage Israeli private companies from multiple seller constituencies: institutional investment funds, early employees and founders seeking liquidity, and the companies themselves. This secondary market positioning provides alternative exit mechanisms for stakeholders in a market environment where traditional liquidity routes—particularly initial public offerings—remain constrained. The oversubscribed nature of the raise indicates strong institutional appetite for exposure to Israeli private markets despite ongoing regional complexities.
Ibex founder and chief investment officer Justin Borus emphasized sustained limited partner confidence in Israeli opportunities, noting that the firm has raised $267 million for Israel-focused funds since October 7, 2023. This capital deployment underscores institutional investor conviction in the Israeli venture and growth-stage ecosystem despite geopolitical disruptions. To bolster its local presence and execution capability, Ibex appointed Osnat Velingard as portfolio manager in its Tel Aviv office, where she will collaborate with existing partners Aaron Rinberg and Adi Dangot Zukovsky on growth-stage investments.
The firm's broader track record supports the secondary strategy's rationale. Recent exits include ServiceNow's acquisition of Israeli cybersecurity firm Traceloop, Check Point Software's acquisition of Cyclops, and Datavant's purchase of DigitalOwl. These transactions demonstrate active M&A liquidity in the Israeli tech ecosystem, validating the secondary market's value proposition. With over $1 billion in assets under management across multiple investment strategies, Ibex is positioning its dedicated secondary vehicle to capture ongoing demand for private-market liquidity in Israel's venture landscape.
The fund's stated strategy centers on purchasing existing stakes in growth-stage Israeli private companies from multiple seller constituencies: institutional investment funds, early employees and founders seeking liquidity, and the companies themselves. This secondary market positioning provides alternative exit mechanisms for stakeholders in a market environment where traditional liquidity routes—particularly initial public offerings—remain constrained. The oversubscribed nature of the raise indicates strong institutional appetite for exposure to Israeli private markets despite ongoing regional complexities.
Ibex founder and chief investment officer Justin Borus emphasized sustained limited partner confidence in Israeli opportunities, noting that the firm has raised $267 million for Israel-focused funds since October 7, 2023. This capital deployment underscores institutional investor conviction in the Israeli venture and growth-stage ecosystem despite geopolitical disruptions. To bolster its local presence and execution capability, Ibex appointed Osnat Velingard as portfolio manager in its Tel Aviv office, where she will collaborate with existing partners Aaron Rinberg and Adi Dangot Zukovsky on growth-stage investments.
The firm's broader track record supports the secondary strategy's rationale. Recent exits include ServiceNow's acquisition of Israeli cybersecurity firm Traceloop, Check Point Software's acquisition of Cyclops, and Datavant's purchase of DigitalOwl. These transactions demonstrate active M&A liquidity in the Israeli tech ecosystem, validating the secondary market's value proposition. With over $1 billion in assets under management across multiple investment strategies, Ibex is positioning its dedicated secondary vehicle to capture ongoing demand for private-market liquidity in Israel's venture landscape.
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