Menora acquires 40% of hedge fund Agility for 200 million shekels

Insurance company Menora Mivtachim is acquiring 40% of the shares of the hedge fund Agility for 200 million shekels. The announcement by Menora, published today, confirms the report in Calcalist this morning regarding the negotiations for the deal.

For Tal Kedem and Udi Biton, the owners of Agility, this is an impressive exit that comes four and a half years after the fund's establishment in 2022, and at a higher price than the recent deals made in the hedge fund sector in recent months. IBI acquired Plutus for 15 million shekels, Meitav acquired the Trio fund for 30 million shekels, and Harel acquired the Tulip fund for approximately 30 million shekels.

The capital market was surprised by the valuation that the deal reflects for Agility — 500 million shekels, while at the same time Menora agreed to invest an additional 125 million shekels in Agility's funds, which currently manage 2.2 billion shekels in their hedge funds.

Kedem and Biton are alumni of Psagot, who worked for years with Roi Vermus, who himself founded the Noked hedge fund, which became the largest in Israel. Kedem, who served as deputy CEO under Vermus, moved from Psagot to Harel, where he reached the position of CEO of the insurance company's investment house, Harel Finance. Later, he decided to set out on an independent path and founded the hedge fund with Biton. The two will continue to manage the fund even after the completion of the deal.

Ari Kalman, CEO of Menora Mivtachim Holdings:

"The entry of Menora Mivtachim into Agility is consistent with the group's strategy to expand and diversify its areas of activity and the mix of financial products. The choice of the Agility fund and the management team, which has proven superior performance, is an expression of confidence in the deep expertise and the ability of the company and management to continue to grow and generate value for investors over time."

Tal Kedem, managing partner at Agility:

"Menora's joining as a partner is for us a significant expression of confidence in the leading team, the investment philosophy and the performance, in the path we have taken and in the company's growth potential. We found in the Menora group, the company's owners and its senior managers, partners who share with us a common set of values, a long-term vision and a commitment to uncompromising professionalism. The existing and experienced team at Agility will continue to lead and manage the company with full energy, with the goal of continuing to generate maximum value and leading results for our clients, and to continue developing attractive products for our clients in the field of Israeli and global hedge funds."