Investment Funds

Overview

Arnon, Tadmor-Levy has one of the leading and most experienced private investment funds departments in Israel, advising both fund sponsors and investors across a wide range of closed-end and open-end funds, along with other pooled investment vehicles, structured domestically and internationally. Representing clients on fund formation and operation as well as on limited partner (LP) investments and divestments gives us unparalleled insight into market conditions and trends, in Israel and abroad, and allows our clients to benefit from first-in-class legal services, advice based on extensive experience, and innovative out-of-the-box solutions.

Our department is well integrated with other specialty groups at Arnon, Tadmor-Levy enabling us to provide a seamless, full-service solution for fund sponsors and investors alike. This integration enables us to offer comprehensive tax advice and planning as part of the fund formation process, including submitting applications for tax rulings from the Israel Tax Authority, and to advise private and institutional fund investors on tax-related matters. It also positions us to advise fund clients on portfolio investments and divestments in all relevant asset classes, fund finance, and secondary transactions.

We have been recognized, as a practice and individually, both locally and internationally, by The Legal 500, IFLR1000, Duns 100, and others as leaders in the private investment funds industry.

Fund Formation and Operation

Renowned in the realm of fund formation and management, Arnon, Tadmor-Levy represents both veteran sponsors and first-time general partners throughout the entire lifecycle of their funds, from conceptualizing and planning, formation and fundraising, through day-to-day operation and investment activity, to liquidation and dissolution. We advise on legal and regulatory aspects of fund formation and securities offerings, tax planning and structuring, and internal commercial arrangements within management groups and among general partners (GPs) and fund investors. Our accurate, timely advice empowers clients to raise funds efficiently, and our global networks facilitate smooth cooperation with international legal experts to support domestic clients structured abroad, and foreign clients fundraising in Israel.

The roots of our practice trace back to the early days of Israel’s venture capital surge in the early 1990s, and we’ve continuously evolved since then, for example pioneering crowdfunding platforms for accredited investors and university TTO-related funds. Today, our versatility extends to a wide range of investment strategies and asset classes, including venture and growth capital, private equity, real estate, debt, renewable energy, digital assets, fund of funds and hedge funds, structuring and forming bespoke investment vehicles tailored to handle specific transactions and overcome regulatory or other challenges.

Investment in Private Funds

Over the years, we have gained extensive experience in advising institutions, corporations, family offices, and high-net-worth individuals in their investments across all types of private investment funds and other pooled investment vehicles. Our services include full review and due diligence of the fund’s governing documents, flagging legal and commercial deviations from market terms, negotiating bespoke arrangements and side letters, and advising on tax implications. We often act for domestic investors investing in international structures, ranging from small, single-asset vehicles to multi-billion-dollar funds managed by global asset managers, as well as for foreign funds looking to fundraise or invest in Israel.

Secondary Transactions

Arnon, Tadmor-Levy boasts substantial expertise in secondary transactions, particularly within the venture capital and private equity realm. We navigate multi-fund holdings purchases and guide transactions of entire investment portfolios. Our services cater to secondary funds acquiring company-level portfolio investments or partnership interests, and portfolio divestments or liquidation.

Portfolio Investments

Arnon, Tadmor-Levy is renowned for its expertise in representing venture capital and private equity funds, as well as strategic investors, in their portfolio investments. In collaboration with other specialty groups in the firm, we provide our fund clients with best-in-class legal representation on acquisition, financing, and disposition of their portfolio assets, whether these are technology companies, real estate assets, renewable energy projects or cryptocurrency.

Our unique approach is rooted in practical business acumen and comprehensive legal insights, cementing our leadership in this domain. Our lawyers excel in all facets of financing, leveraging our extensive experience in adjacent areas of transactional law. With a diverse clientele, both Israeli and international, we maintain a finger on the pulse of market trends, ensuring our clients benefit from top-tier professionalism and the most up-to-date strategies.

Fund Finance and Venture Lending

Arnon, Tadmor-Levy is a trusted advisor on fund finance, venture lending and other portfolio-level debt financing deals, notably in complex cross-border scenarios. Our offering covers a wide range of loan types, from secured to mezzanine. Regularly representing financial institutions and businesses provides us a comprehensive view, further enriched by our expertise on the intricacies of regulatory, tax, and securities matters. For international entities navigating Israeli law’s complexities in cross-border deals, our insights prove invaluable.

Recognition