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Jerusalem Venture Partners Closes $400 Million Fund
NEW YORK — 19 November 2001 — Jerusalem Venture Partners (JVP), a leading international communications venture capital firm, announced today the closing of JVP IV, the largest fund in the firm's history. The $400 million fund has already spawned seven new companies in the communications and enterprise software industries.JVP also announced several new limited partners joining the fund today. HarbourVest, one of the world's largest private investors in private equity and venture capital funds, Adveq, a leading fund of funds, and the Technion, Israel's premier technical university, are contributing significant funds to JVP IV. JVP's limited partners comprise an international network including France Telecom, Infineon, Boeing, Nortel Networks, Reuters, Columbia University, MIT, Flag Venture Partners, Horsley Bridge, and AXA. Asian investors such as the Government of Singapore, Jafco, and Temasek join long-standing Israeli investors such as Bank Leumi and Hebrew University in their commitments to JVP IV.
"Venture capital investing in the current market environment requires creative new ways of looking at business fundamentals," said Erel Margalit, managing partner at JVP. "We are pleased that our limited partners share in our vision to take advantage of aspects of the downturn to position our portfolio companies for leadership in the coming recovery period."
JVP is employing several strategies to help its strong portfolio companies expand their markets quickly and cost-effectively by tapping directly into the strength of the public markets. JVP recently participated in a $161 million round of debt and equity funding, to help its portfolio company Cogent Communications, a high-speed business ISP, reach an agreement to purchase Allied Riser Communications (Nasdaq: ARCC), a public company offering broadband-networked services directly to large office buildings. JVP will help Cogent gain access to Allied Riser's top metropolitan areas to fuel a nationwide expansion. Utilizing this strategy and others, JVP is creating new access to public markets and liquidity for its investors in one of the most difficult financial climates in the last decade.
Through JVP's offices in New York, London and Jerusalem, the firm continues to build on its international roots in order to source and build markets for its portfolio companies in Israel, North America, Europe and Asia. Over the past year, JVP has enhanced the firm's investment and operations teams to better serve its portfolio companies. JVP appointed General Partner Zeljka Matutinovic and Senior Associate Tal Lev, both of whom will focus on deal generation in the optical and telecom sectors. In addition, former FundTech COO & CFO Michael Carus, was appointed chief financial officer and chief operating officer and Lynda Radosevich joined the firm as its vice president of international marketing and public relations. The new staff members are based in JVP's New York offices.
Also announced today, Partner Glen Schwaber will be returning to Israel from New York to lead JVP's Jerusalem office. There he joins Principals Adam Fisher and Allon Bloch, Senior Associate Evelyn Rubin and Rivi Beller, vice president of investor relations. Yuval Cohen will be transitioning to the role of venture partner and will continue to serve as an advisor to the fund and several portfolio companies. Laurel Bowden, in JVP's London office, will continue to lead its European activities, including sourcing new deals and creating business development opportunities for its portfolio companies.
About Jerusalem Venture Partners
Jerusalem Venture Partners is a leading international venture capital firm focused on investing in early-stage companies in five core areas: optical networking, data communications, wireless communications, E-Business infrastructure and Internet service infrastructure. With offices in New York, London and Jerusalem, JVP has the global vision and proven track record to source, build and support technology leaders around the world. Founded in 1993, JVP has invested in nearly 30 companies while producing top quartile returns to its investors. With more than $650 million under management, JVP's global network of limited partners comprises top-tier strategic investors including: Boeing, France Telecom, Nortel and Reuters; financial institutions such as Access, AXA, Flag Venture Management, HarbourVest, Horsley Bridge Partners, Merrill Lynch Ventures, Invesco, Jafco, GIC (Government of Singapore Investment Corp.), and Mitsui; as well as institutional investors including MIT, Columbia University and Hebrew University.