Menora Mivtachim Acquires 40% Stake in Agility Hedge Fund for NIS 200 Million

Menora Mivtachim Insurance Company has purchased a 40% stake in the Agility hedge fund for NIS 200 million, confirming earlier reports from Calcalist. This acquisition marks a significant exit for Agility founders Tal Kedem and Udi Biton, coming four years after the fund's establishment and at a valuation of approximately NIS 500 million. This valuation notably exceeds recent hedge fund transactions in Israel, such as IBI's acquisition of Plutus for NIS 15 million, Meitav's purchase of Trio for NIS 30 million, and Harel's acquisition of Tulip for around NIS 30 million.

In addition to the stake purchase, Menora agreed to invest an extra NIS 125 million in Agility's funds, which currently manage NIS 2.2 billion. Kedem and Biton, former executives at Psagot and associates of Roy Vermus who founded Israel's largest hedge fund Nokad, will continue managing Agility post-transaction. Kedem previously served as deputy CEO under Vermus and later led Harel Finance's investment house before founding Agility with Biton.

Ari Kalman, CEO of Menora Mivtachim Holdings, stated that the investment aligns with the group's strategy to diversify and expand its financial product offerings. He praised Agility's management team for their proven performance and expertise, expressing confidence in their ability to generate long-term value for investors. Tal Kedem highlighted Menora's entry as a strong vote of confidence in Agility's leadership, investment philosophy, and growth potential, emphasizing shared values and commitment to professionalism. The existing experienced team will continue to lead Agility with the goal of maximizing value and developing attractive hedge fund products for both Israeli and global clients.