Millennium Materials fund raising $100m for third VC fund

MMT hasn't made any exits yet; three portfolio firms are in M&A talks, CEO tells TheMarker
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Tel Aviv-based Millennium Materials Technologies Fund plans to raise $100 million for a third fund, its manager Nir Belzer said.

Speaking at a nanotechnology conference today, Belzer said the fund hoped to raise half the sum by mid-2002 and the rest by year-end.

The second MMT fund secured $37 million for investment, which has all been placed, hence the desire to launch a new fund.

The third fund has already roped in investors who backed MMT's first two funds, Belzer told TheMarker.com.

MMT has yet to exit any of its investments. Belzer said that three portfolio companies are holding M&A talks.

One of the partners in MMT's management company is Clal Industries chief executive Meir Shannie.