Israeli Investors Gain Paper Profits of $15 Million From SpaceX Listing
Retail investors piled into SpaceX's public offering, but the main winners, aside from Elon Musk, appear to have been private equity funds. One of them, StepStone VC Secondary Fund, was marketed in Israel to qualified investors through Lider Private Equity, run by Itay Alnetan.
The fund built its SpaceX exposure by buying both direct shares and secondary stakes in funds before the listing. Before the IPO, its exposure had reached as much as $400 million, equal to 10% of its managed assets. StepStone raised $30 million in Israel in 2024.
Letters to investors said SpaceX's post-listing valuation rose to $2.4 trillion, six times the purchase price, and that the position had grown to 60% of the fund's total exposure. The Israeli money in the fund that was exposed to SpaceX was estimated at $3 million, which had risen to $18 million, a paper gain of $15 million.
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