Israeli VC fund DZ Israel Associates began closing its second $30 million fund, the Industrial Resources Fund II, TheMarker has learned.
DZs CFO Yoram Balisha, told TheMarker that for the time being one of four investors committed to invest a total of $25 million to $30 million in the fund. The CFO said the hi-tech crisis shrank the original size of the round, to be finalized in mid-February.
Balisha refused to name the investors in the fund, but did indicate they were American and European private investors.
The fund, whose management company will be named TY from now on, plans to invest in early stage hi-tech and life sciences companies with Israeli orientation in the U.S. and Israel.
DZ Israel Associates is the management firm of IIVG, a $5 million fund raised in 1994, and of Industrial Rsources Fund I, a $21 million fund completed in 1996. The total funds managed by DZ come to $55 million, new fund included.
The different DZ funds have so far closed out their positions in the medical imaging company CMT Medical Technologies, which in May of 1999 raised $12 million on Paris's Nouveau Marche according to $54 million company value, and in TASE-traded electronics firm Time Squared.