A New Approach to Investing in Private Technology Companies - Amir Guttman news release
Interview with: Dr Amir Guttman,
Founder & Managing Partner, High-
Tech Tracking Fund (HTF)
“The Israeli private tech market pro-
vides a unique and attractive alternative
investment opportunity for long-term
institutional investors. The question
investors should ask is: ‘What is the
right vehicle for investing in this
market?’” according to Dr Amir Gutt-
man, Founder & Managing Partner, HTF.
HTF, a highly diversified evergreen Fund
designed to track the private Israeli tech
universe, is attending the marcus
evans European Pensions & Invest-
ments Summit 2018, in Montreux,
Switzerland, 23 - 25 April.
What makes Israeli tech start-ups
attractive to institutional investors?
Israel is known as the start-up nation.
Over the last 20 years, on a macro
level, the Israeli technology market has
presented consistent profitability by
developing and selling products and
companies that have changed the world.
Over 7,000 start-ups operate in Israel
today, attracting over USD 5 billion
annually from international investors.
Annual exits include over 100 M&A
transactions and IPOs, primarily on
NASDAQ. The question is not why but
how they should invest in this market.
What unmet needs do institutional
investors in Europe have in the
private technology asset class that
your fund addresses?
Institutional investors are looking for
alternative investments. Low interest
rates have led to sharp price increases
in equity and debt markets, as well as in
the real estate and private equity
markets. The private technology sector
is under-represented in institutional
portfolios for good reasons: high
volatility of returns, high management
fees, low liquidity, and lack of scalabil-
HTF has designed an investment vehicle
that mitigates these barriers for large
institutional investors. By using a
passive investment approach, it creates
a highly diversified portfolio of promis-
ing private technology companies. The
broad diversification (10 - 20 times that
of an average VC portfolio) results in
lower volatility of returns, lower man-
agement fees, higher liquidity, and
Why now? How has Israel’s tech
ecosystem changed in the past 10
In recent years, the high-tech ecosys-
tem in Israel (and in Silicon Valley) has
grown and matured in many ways.
Additional experienced talent now joins
boards of directors. VCs, serial entre-
preneurs, retired senior executives from
relevant industries, mentors, and other
advisors are happy to join company
boards and add relevant, diverse,
multidisciplinary points of view.
This situation creates an opportunity,
for the first time, to invest in the Israeli
private technology sector using a
passive methodology that facilitates
building large diversified portfolios.
How do you track the Israeli tech
The HTF model uses a strong Business
Intelligence (BI) team to track public
and proprietary information on start-
ups, entrepreneurs, investors, corpora-
tions, incubators/accelerators, and other
players in the highly diverse Israeli
technology ecosystem. This information
translates into a timely deal-flow and an
objective scoring mechanism that
results in prompt investment decisions.
The founders of HTF include the man-
agement team of Aviv Venture Capital,
who have been working together in the
Israeli VC industry since 2001. They
joined forces with the second largest
asset management company in Israel,
Meitav Dash (about USD 40 billion AUM)
and its ETF subsidiary Tachlit (more
than USD 8 billion AUM). The combina-
tion of long experience and deep
understanding in both sectors, VC and
passive investing, led to the creation of
the methodology that drives HTF’s BI
system and is reflected in the quality of
What sectors and stages do you
HTF will be highly diversified over all life-
cycle stages (except seed-stage) and
over all technology sectors: software,
IOT, cloud, automotive, fintech/
insurance-tech, cybersecurity, digital
health, industry 4.0, agrotech/food-
What would you say to investors
who do not believe passive invest-
ing is the best way?
Passive investing brings the benefits of
high diversification, low volatility of
returns, low costs and high liquidity. In
the past, passive investing was impossi-
ble in private technology markets.
Today, the strength of the technology
ecosystem in Israel, together with
advanced BI capabilities, makes it
I would recommend large institutional
investors to invest in the private
technology market by combining active
and passive investing models just like
they do when investing in publicly
is known as
A New Approach to Investing in
Private Technology Companies
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About the European Pensions & Investments Summit 2018
The 18th annual European Pensions & Investments Summit is the ultimate meeting
point, bringing elite buyers and sellers together. The Summit offers regional pension
investors and international fund managers and consultants an intimate environment
for focused discussion of the key new drivers shaping institutional asset allocations.
Taking place at the Fairmont Le Montreux Palace, Montreux, Switzerland, 23 - 25
April, the Summit includes presentations on taking advantage of future market
trends, utilising alternative strategies, identifying financial risks and canvassing
global opportunities to source sustained portfolio profitability.
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HTF is a highly diversified evergreen Fund designed to track the private Israeli tech universe.
HTF is the result of a joint effort of Dr. Amir Guttman and Mr. Yoav Chelouche, the managing directors of Aviv Venture Capital, who
have been working together in the Israeli VC industry since 2001, and Meitav Dash, the second largest asset management
company in Israel (about $40 billion AUM) and its ETF subsidiary Tachlit (above $8 billion AUM). The combination of long
experience and deep understanding in both sectors, VC and passive investing, led to the creation of the methodology that drives
HTF’s passive investment strategy and is reflected in the quality of its output.
HTF was designed for institutional investors, pension funds, endowment funds, and large family offices, seeking to take advantage
of the exceptional ROI that Israel’s privately held tech companies offer, on terms that fit their investment policies.
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