Panel

1
Panel 8 Institutional Investment Strategies
The International View
Panel moderator Erez Shachar, Managing Partner,
Evergreen Venture Partners
2
Capital Raised by Israeli VCs
Since the very beginning, LP base is foreign,
composed mainly of institutional investors
Since the very beginning, LP base is foreign,
composed mainly of institutional investors
Source IVC
2
3
Israeli VCs LP Analysis
Based on a survey completed by 6 Israeli VC
firms
3
4
Why Israel?

• Innovation center
• Quality of Entrepreneurs
• Cutting edge technology
• Global gateway
• Know-how Clusters Security, Communications,
  Enterprise SW, Medical Devices
• Important center for technology multi-nationals

But Are the returns in line with the promise?
4
5
VC Investments in Israel are only 4.6 on
Average in Size of the Investments in the US
While the Exits Constitute 5.77
Source IVC, VentureOne
5
6
VC Investment in Israel 50 from local funds
Source IVC
7
Early stage investment paying off
Source Shiboleth, Israeli, Roberts, Zisman
Co. Fenwick West LLP
7
8
Panel Participants

• Mr. Eric Hirsch, Chief Investment Officer,
  Hamilton Lane
• Mr. Reginald Sanders, Global Alternative
  Investments, Eastman Kodak
• Ms. Joy Higa, Calpers
• Mr. Jeremy Kranz, Vice President VC Investments,
  GIC Special Investments
• Mr. Frederic Godbout, Investment Manager, Caisse
  de dépôt et placement du Québec
• Mr. Alan Feld, Managing Partner, Vintage

8
9
Questions to the panel from an LP Perspective

• What are the main investment criteria of an LP
  when deciding to invest in an Israeli VC firm?
• Do you invest in Israeli VC as part of your
  general VC allocation, or do you have a
  geographic allocation specific to Israel?
• What is your investment strategy in Israel? US
  firms vs. Local?
• What are the performance expectations from the
  Israeli VC funds?
• How do you see the main challenges of the Israeli
  venture market in the next few years?
• How do you regard the fact that Israeli
  institutional investors do not take a major role
  in the local VC industry?
• How do you regard the emerging venture markets
  India and China in comparison to Israeli venture?

9