Former Nextage Executives Launch New Venture Capital Fund with Major Investor Backing
A new venture capital fund, Access Partners, has been established by former senior executives of the financial management firm FAI. The fund successfully raised $18 million within three months, with significant contributions from investment house More and financial services firm Profit. More invested approximately $4 million, while Profit contributed $2 million. Shastovitch Group also invested $3 million, alongside private investors from the tech industry.
Profit Finansim, which manages over NIS 100 billion in client assets, was a partner in the fund's establishment. More invested through its investment arm. According to Itzik Lev, one of Access Partners' founders, investor demand exceeded the initial fundraising target, prompting the fund to close early.
Access Partners was founded by Itzik Lev, Aviad Shurak, and Dana Alexandrovich, all former leaders at FAI. FAI provides outsourced financial management services to startups and growth-stage companies, essentially acting as their finance department. Lev is also a co-founder of the Cerca venture capital fund and was a founder of Nextage, whose controlling stake was sold to IBI in July 2024 for NIS 216 million.
The fund's strategy leverages FAI's existing relationships with technology companies. By having early insight into a company's financial operations, Access Partners aims to identify promising investment opportunities and participate in funding rounds led by larger venture capital firms. Lev explained that FAI's deep knowledge of these companies allows them to prepare them for investor presentations and secure allocations in oversubscribed rounds.
Access Partners plans to invest between $500,000 and $1 million in each company, co-investing alongside international funds that will lead the rounds. The fund will focus on companies led by entrepreneurs with a proven track record of successful ventures. Even before its official fundraising completion, Access Partners made five investments through a temporary mechanism in companies whose funding rounds were led by firms like Lightspeed and Insight Partners.
The fund acknowledges the need to manage sensitive financial information, obtain company consent, and address potential conflicts of interest arising from FAI's involvement. Access Partners asserts that its early familiarity with companies will enable investment decisions based on long-term financial performance rather than solely on investor presentations and due diligence.
