Joseph Ciechanover the President of the Challenger Fund, a private equity management company with two funds under management talked with the Israel High-Tech & Investment Report. The First Challenger Fund was established in 1995 with a capital of $81 million. The fund invested in 32 companies and as of recently ten of the investee companies have emerged as public companies or were the object of takeovers. However, the main news is that the Challenger II Fund, originally planned to close at $110 million has been expanded and will seek to raise a total of $250 million. "It will allow us to invest larger individual sums that we might have otherwise," said Mr. Ciechanover.
An advantage of the Challenger Fund Group lies in the strength of its investors who include some of the best known global names. Among them is Edgar Bronfman Sr. "Our investors often assist our portfolio companies in business connections including to the Wall Street investment bankers. Some of the companies that we have invested in and are traded on Wall Street include ComTouch, Telegate, DSPG, Orckit and Technomatix, " said Mr. Ciechanover.
Joseph Ciechanover's career reflects a keen ability for periodical reinvention and to creatively assume new responsibilities. A lawyer by profession he is a member of the Israeli and New York State bars. The one time director general of Israel's Ministry of Foreign Affairs prior to returning to Israel served as President and board member of PEC-Israel Economic Corporation. Under his stewardship PEC was listed on the New York Stock Exchange. He also served as Chairman of the Israel Discount Bank in New York. Currently, he serves as Chairman of the Board of El Al Israel Airlines.
Among his other posts is being a board member of the International Markets Advisory Board of the Nasdaq Stock Market.