Breaking News
Investing Pro 0
⏰ React to the Market Faster with Custom, Real-Time News Get Started

U.S. hedge fund Third Point opens Tel Aviv office to scout investments

Stock Markets Oct 24, 2022 02:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Dan Loeb, CEO and founder of Third Point, speaks during the 13D Monitor's Active-Passive Investor Summit in New York City, U.S., October 18, 2022. REUTERS/Brendan McDermid
 
US500
+0.56%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DIS
-1.83%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NESN
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
S
-2.85%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Svea Herbst-Bayliss

NEW YORK(Reuters) - Billionaire investor Daniel Loeb is searching for more promising startups and is setting his sights on Israel to find them.

Loeb's $14 billion New York-headquartered hedge fund Third Point LLC is opening an office in Tel Aviv on Monday, creating an outpost in a city known for its booming technology sector.

For Third Point, one of the hedge fund industry's most successful firms, the Tel Aviv office will become its first international location. For Third Point Ventures, Third Point's venture capital arm, it will be a second hub, in addition to its Menlo Park office in Silicon Valley, to scout investments focusing on data infrastructure, cybersecurity and enterprise software, Loeb said.

Third Point Ventures (TPV), run by Loeb and Robert Schwartz, offers early-stage capital and hands-on help to prepare for a public stock listing. It has made six investments in Israel since 2015, including in cybersecurity company SentinelOne (NYSE:S) and AI transcription and captioning company Verbit.

"TPV's permanent presence in Israel is a natural extension of the commitment we have had to the country for many years, evidenced by previous early-stage investments made from our hedge fund," Loeb said.

Sapir Harosh, who worked in military intelligence and joined TPV from Israeli firm Pitango earlier this year, will head the Tel Aviv office.

Many U.S.-based hedge funds have long had offices in London and Asia, but Tel Aviv has become a magnet recently for firms to find new investments instead of new investors and to tap into a booming early-stage investment scene.

In April, New York-based General Atlantic, opened its Tel Aviv office.

While several hedge funds, including Tiger Global Management and Coatue Management, became powerful and public players in the venture capital industry, Loeb has largely kept mum about the investments in startups that he's made for decades.

Only recently has Loeb, better known for activist investment campaigns at companies including Nestle SA (SIX:NESN) and Walt Disney (NYSE:DIS) Co

and profitable credit investments, begun highlighting the venture team's contributions to the firm's overall success.

Third Point finished raising its first dedicated venture fund in 2021 and is currently taking in cash for its second venture fund, a person familiar with the fundraising said.

While Third Point is nursing double-digit losses for 2022, fueled in part by a sell off in technology stocks including SentinelOne, its TP Partners fund has delivered an annualized return of 16% over its 27-year lifetime. That compares with an average 9.3% return for the S&P 500 index.

U.S. hedge fund Third Point opens Tel Aviv office to scout investments
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email