News

By: Michael Rochverger The Marker  

NOY will focus on infrastructure and energy investments. The Fund which was initiated by Poalim Capital Markets (a subsidiary of Bank Hapoalim) and formed jointly with Clal Insurance (IDB Holdings Group), announced yesterday its first closing of 486 million NIS (approximately 160 million Dollars). 

The fund was launched at the beginning of February this year. A previous report stated that Clal Insurance will be investing 50 million dollars in the fund, Bank Hapolaim 20 million dollars and the balance – in an amount of 40 million dollars – to be invested by Menorah insurance and finance group and by the Dash Apex investment house.

NOY Fund announced that new investors have joined the fund, including Excellence, Altshuler-Shaham, IBI, Yalin Lapidot investment house, Eliahu Insurance Company, the Administrative Grade Employees Study Fund [?]and NOY general partners. 

The fund is expected to invest in 10-15 projects is the fields of basic infrastructures, transportation, water purification, energy and renewable energy. The fund's GP has already started evaluating investment opportunities in the field of power production, including setting up large scale private powerplants, and in the area of road and public transportation infrastructure. The fund managers are currently examining acquiring the State's share in Derech Eretz, the Cross-Israel Highway (Highway 6) franchisee.

75% of the amount raised by the fund will be invested in projects in Israel, the other 25% being designated for overseas investment, mainly in Europe and the USA. Pinny Cohen - the fund's Chairman was previously the former Africa Israel CEO, and CEO of Teshuva's Elad Group in Asia, and is currently a partner in the Amercia Israel real estate company.

The Partners of the fund will be Ran Shelach and Gilad Boshvitz. At the fund launch, Cohen said: " We hope to attain an annual return of 12%-15%. These are solid investments of institutionalinvestors, and thus we are not getting involved in speculative investments".

Last week, Cohen spoke more about the fund's objectives. "Since its launch, the NOY Fund declared its intention of becoming a key player in the field of the infrastructures sector in Israel",. "The Fund focuses on long-term investments with a risk-return profile suited for institutional investors, and we are currently looking into a number of projects that meet this profile".

Poalim Capital Markets CEO, Amir Aviv, said "we are convinced that with the rich experience of the fund's partners and managers, we will be able to drive it forward and lead the infrastructures sector in Israel".

Roy Yakir, CEO of Kanaf – Clal Group's investment arm said: "Clal believes in the infrastructures sector, and we think that it is very suitable for us as an institutional investor managing over 100 billion NIS. Infrastructure isan area which is stable and provides long-term cash flow".