Hong Kong's Ion Pacific raises $30m for PE secondary fund

Investors come from Asia, Europe, and North America, and are said to include a large number of participants from Ion Pacific’s prior funds, as well as Ion Pacific shareholders. It is the firm’s fifth fund to date and its first dedicated blind pool vehicle. A sixth fund, which will also focus on secondary opportunities, is planned to begin fundraising in the coming months.

The new fund, known as Stonecutter, will focus on Asia and Israel and has already been 50% deployed. It was launched in February with a target of $30 million and had raised 62% of the corpus as of its first close in May. The strategy focuses significantly on helping Israeli companies access Asian markets and providing Chinese investors new options for global exposure. 

"Global geopolitical dynamics continue to enhance Israel’s appeal as an investment location for Asian and Chinese capital over traditional investment destinations such as the US,” Eran Zack, a managing director at Ion Pacific, said in a statement. “Accordingly, we have seen a significant uptick in interest from Chinese investors seeking exposure to Israeli tech companies.”

Ion Pacific was founded in 2015 by Itamar Har‐Even and Michael Joseph, who previously established the investment banking unit at Reorient Group, which was sold to Jack Ma. The firm closed its first two funds, Phillion I and II, in 2015 and 2016. This was followed by two funds under the name Peak in 2017 and 2018. Strategies cover direct equity, venture debt, and secondaries.

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• Topics
• Greater China
• Fundraising
• Secondaries
• Hong Kong (China)
• Asia
• Technology