Hong Kong-based merchant bank Ion Pacific has raised $30 million for its debut structured secondaries fund, which focuses on acquiring secondary positions in technology, venture and growth capital funds, as well as direct stakes in company portfolios, according to a company press release. Ion Pacific entered the Israeli market earlier this year through the establishment of its subsidiary, IL Pacific, led by Eran Zack.
Named Stonecutter I, the fund, fifty percent of which has already been deployed, is earmarked for investments in Israel and Asia. This follows a reported $45 million in investments in Israel, which are made by IL Pacific and includes two structured secondary investments in Israeli venture capital funds and an investment in fintech company Credorax.
“The Israeli market is known for technological excellence and innovation, yet there is significant unmet demand for liquidity in the tech and innovation ecosystem,” Zack said in a statement.
“Global geopolitical dynamics continue to enhance Israel’s appeal as an investment location for Asian and Chinese capital, over traditional investment destinations such as the US. Accordingly, we have seen a significant uptick in interest from Chinese investors seeking exposure to Israeli tech companies. Stonecutter I is an excellent way for Asian investors to gain access to numerous Israeli companies,” he added.
Headquartered in Hong Kong, Ion Pacific was founded in 2015 by Itamar Har-Even and Michael Joseph Ion Pacific and holds offices in London, Dallas, and Tel Aviv. IL Pacific is currently expanding its team and relocating its headquarters to a new location on Rothschild Boulevard in Tel Aviv, with the goal of growing its presence in the Israeli technology market, the company said in a statement.
Zack previously led the investment banking group at Poalim Capital Markets and is a former investment banker in the M&A groups of Bank of America Merrill Lynch and Lehman Brothers in New York.