Tene III exceeds its fundraising target of $200M
Tel-Aviv, September 4th, 2013 – Tene III exceeded its fundraising target of $200M. Most of Tene III's investors are institutional investors, both Israeli and non-Israeli. The majority of investors in Tene I & II made follow-on investments in the new Fund.
The objective of Tene III's investment strategy is to achieve superior returns through investing primarily in Israeli and Israeli-related innovative, established, industrial companies, positioned to capitalize on global growth opportunities through technological and other relative advantages.
The Principals employ a disciplined investment strategy that identifies companies with strong competitive advantages in technology or operations, or leading positions in global niches. The investment team seeks to partner with companies that have significant growth potential in revenues, earnings and cash flow.
Tene espouses a pro-active ownership philosophy in both strategic planning and operational capacities through the creation of appropriate strategic goals for its portfolio companies, its close working relationship with management and a constant attention to monitoring company performance. With respect to portfolio companies that have achieved global leading positions, the Fund's objective is to grow such enterprises further and create a company capable of sustained profitable growth and unchallenged market leadership. With respect to portfolio companies that have not yet achieved market leadership, Tene's objective is to create a larger company with an industry-leading market position and improved operating margins.
Tene III will invest primarily in established, innovative, industrial companies with competitive advantages in technology, operations, or markets, with leading positions in global niches. The Fund will favor investment in those companies that can utilize the investment capital to spur growth via increasing capacity, international expansion or growth through acquisition.
Tene's approach allows for a wide range of investment magnitudes, ranging from a few dozens to a couple of hundreds of millions of USD in either minority or majority positions. The fund has a built-in co-investment mechanism allowing it to offer its LPs additional investment opportunities when relevant.
Tene III will continue to apply a disciplined investment strategy by investing in companies that have many of the following characteristics:
- Track record and significant potential for global growth
- Annual sales in the US$30-$300 million range
- Strong cash flow
- Profitability
- An innovative business culture
- Opportunity for Tene to add value
- Talented management
- Competitive advantages
- Viable exit strategy
Tene's team recently completed a successful full exit from Caesarstone (NASDAQ:CSTE) through a secondary offering. The team will continue managing its ten portfolio companies in Funds I & II.
