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ZEP FUND 2025
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After 10 years, several meaningful exits, numerous closed companies and one company paying dividends for four years!, the ZEP Fund has gained some insights and learnings and ready to charge forward.

See below, (including drop downs from the arrows):
Total Investments: 45 investments over the past 10 years, with 24 active companies in the portfolio (companies in bold indicate they were ventures that came out of the program directly)
Vintage 1:
Loox (active, dividend)
Cymbio (active)
Weski (restructured, written off)
Overwolf (secondary sale)
Rewire (acquired)
P&C Analytics, Mego, EyeOnn, Silverback (closed)
Vintage 2:
Roomer (restructured, written off)
Astralink, Perceptive.ai, Clinic-rent, Bllush, (closed)
Vintage 3:
Coach.ai, Halo Labs, Kolgene, Ladingo, Empirical Hire (closed)
Vintage 4:
Firmus, Outgage (restructured, written off)
Fibo, Novos (closed)
YesChef (active)
Vintage 5:
Innplay Labs (acquired)
Dynamo, Parametrix (active)
Inbe, Stay Labs (closed)
Vintage 6:
Balena, TimeOs, Vyzer, Zoog (active)
Vlabs (acquired, minimal return of investment)
Vintage 7:
Monto, Wisor, (active)
Mobai, Ole (closed)
Vintage 8:
Boosst, Sherloq, Genie Labs, Lychee (active)
Vintage 9:
Setuka, Atlas Invest (active) plus syndicate
Vintage 10
⁠
Mars.ai
⁠
(active)
Closed Companies: 4 companies had exits, 19 companies closed and 6 companies active but restructured and written off.
Out of the 42 investments, 21 companies have closed or have been written off after restructuring (50%).
The data suggests that companies receiving investment just after graduation and/or without third party investment alongside the ZEP Fund investment yield higher likelihood of closing (13 of the 21 closed companies or 62%).
Notably, all three meaningful exits and the company paying dividends are all alumni companies formed after the Zell year.
Total Returned Capital to date: $1,502,643 (2023: $1,104,723)
One company has paid out 5 dividend payments totaling $778,867.
Three companies returned a total of $822,599.
*One of those companies has an earn out mechanism that may yield significant additional funds ($1.4 million)
Scholarships to RUNI: $94,326 (2023: $46,714)
After return of the $50,000, ten percent of all dividend or exit income is donated to Reichman University toward scholarships
Total Value Paid In (TVPI) is:
3.11
⁠
(2023: 3.43)
Investment value: $5,529,485 (PPS of last round times % holding for all portfolio companies, value of 0 for as of yet unconverted SAFEs and convertible loans (not including inactive companies)).
Cumulative distributions: $1,502,643
Total funds invested: $2,250,000
Formula: (5.5+1.5)/2.25
Distributed to Paid in Capital (DPI) is:
0.67
⁠
(2023: 0.52)
Cumulative distributions: $1,502,643
Total funds invested: $2,250,000
Formula: 1.5/2.25


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