This has been a bad year for venture capital funds, including

Green Venture Capital (TASE:

GREN

).

The fund of funds, controlled by tycoon Yitzhak Tshuva, posted second-quarter losses of NIS 35.2 million, 7% more than in the same quarter of last year.

So far this year the company has lost NIS 66.1 million. Green looks set to repeat its performance of last year, when it lost NIS 169.3 million.

Its high losses derive partly from heavy financing costs, which totaled NIS 17.7 million a far cry from the financing gains of NIS 5.7 million posted for the parallel quarter.

Of that, NIS 15 million were written down from the value of Liberate Technologies.

It also wrote down the value of its holdings in

Alvarion

(Nasdaq:

ALVR

).

Green's share in losses by affiliated funds -

Mofet (TASE:

MOFT

),

Marathon (TASE:

MARA

) and

Inventech Investments Company (TASE:

IVTC

) - dropped to about 23% in the second quarter, generating a loss of NIS 24.7 million.

As of June 30, 2002, Green had an equity deficit of NIS 81.2 million. Its cash and equivalents as of that date stood at NIS 90.9 million.