Vintage holds final close on Fund IX above target

The Israel-based firm's latest FoF, its largest to date, can make early secondaries deals in VC and technology-related funds.

Israel-based Vintage Investment Partners has held the final close on its latest fund of funds, which can buy low-funded secondaries and early secondaries positions in venture capital and technology-related private equity funds.

The firm raised $200 million for Vintage Investments IX, beating its $175 million target. The fund launched last year, according to PEI Research & Analytics.

“The fund represents a major milestone for Vintage as it is our largest fund of funds to date,” Alan Feld, founder and managing partner, said. Vintage IX was funded mainly by US, Canadian and Israeli financial institutions, endowments, foundations and family offices.

The fund will make investments in the US, Europe and Israel, with technology-related deals to be focused on Israel. The fund intends to invest in 15 to 20 managers.

Abe Finkelstein, general partner at Vintage, said there was a transition underway in the venture business. “Some very talented, younger, yet successful, investors are creating new, moderate-sized funds,” he said.

The firm has raised three secondaries funds, three funds of funds and two late-stage venture co-investment funds. Vintage’s previous fund of funds, Vintage Investments VIII closed on $144 million in January 2015, according to PEI data. The firm also has a proprietary database that tracks the performance of Israeli funds and private equity-backed technology companies.

Vintage Investment Partners was founded in 2003 and has $1.3 billion in assets under management with the closing of its latest fund.