Partners in Arieli Firm Clash Over Elron Investment, Allegations of Threats Emerge
A significant partnership dispute within Arieli, the controlling shareholder of technology investment company Elron, has delayed a settlement agreement with Phoenix Investments. The conflict involves Arieli's three equal partners: Arik Bentov, Evan Renoff, and Lizia Bachar-Manoh, who also chairs Elron.
Arieli acquired a 58.4% stake in Elron for $53 million in September 2024 from Discount Investments, securing a 90 million shekel loan from Phoenix Investments, with the Elron shares pledged as collateral. Elron's stock has fallen 34% this year, causing its value to drop below the loan amount and violating loan covenants.
Phoenix Investments began offering the pledged shares for sale at a discount. Bentov and Renoff accuse Bachar-Manoh of obstructing a settlement with Phoenix and attempting to orchestrate a cheap sale of the shares to an associate. They claim a representative threatened her husband during a confrontation at her home. Bachar-Manoh filed a police complaint against her partners, alleging threats against her and her family.
Bentov and Renoff view Bachar-Manoh's actions as a betrayal, given her position and partnership. They recently secured a 20 million shekel loan and injected it into Phoenix, leading to a one-month extension for Arieli to repay the remaining loan balance. This injection temporarily improved Elron's debt-to-equity ratio, meeting loan terms.
Arieli Capital, a US-based family office managing funds for Orthodox and Haredi Jewish clients, specializes in tech and health investments. Elron operates as a publicly traded venture capital fund holding stakes in 19 companies across cyber, B2B software, and medical devices. All parties involved declined to comment.
