European venture capital fund Favonius Insight Ventures has secured $80 million in commitments for a $200 million fund and plans to route some of the money to Israeli startups.

The closing took place in early August. The fund wants to target Israeli startups specializing in software for enterprises and cellular applications for B2B e-commerce, Favonius partner Danielle Bodor told TheMarker.com.

The initial closing took place on July 31, with $77 million in overall commitments.

Bodor says the fund wants to work together with Israeli counterparts, instead of opening a local office.

Bodor, formerly a managing partner at VC funds Net Partners and Rho Capital Partners, said the fund might invest anywhere between $10 million to $15 million in 20 to 25 hi-tech companies in various development stages in Europe the U.S. and Israel. The fund also plans to assist its Israeli portfolio companies to enter the European and North American markets.

Favonius' investors include Michael Dell of the Dell Computer Corporation (Nasdaq:DELL), Tom Perkins of Kleiner Perkins Caufield & Byers, Charles B. Wang, founder and chairman of Computer Associates (NYSE:CA), institutional investors such as Dutch banks ABN Amro and ING Bank, and Grove Street Advisors, a fund manager for CalPERS Pension, the California state pension fund.

The European management team will be headed by Roel Piper, former VP Strategy at Royal Philips Electronics (NYSE:PHG, AEX:PHI), who was also the president and CEO of Tandem Computers, later bought by the Compaq Computer Corp. (NYSE:CPQ). Jan De Jong, former CEO of Nedamco, will assist him.

Favonius Insight Ventures is the sequel fund of Insight Capital Partners Europe, which raised $270 million in March of 2000, and which had so far invested in eight European startups.