530
Reasons to Switch to (8 io)
million from abroad and $20 mil-
lion from within Israel — thinks
big.
"We will not do deals smaller
than $5 million, and we will
commit a maximum of 20 percent
of the fund ($30 million) to each
deal," Mr. Krueger said.
The fund will, however, be ca-
pable of handling deals of more
than $30 million because the in-
dividual partners will have the
opportunity to co-invest in pro-
jects with Renaissance.
The list of investment targets
Renaissance will consider is wide
— agriculture, building products,
construction and real-estate de-
velopment, consumer products,
banking, natural resources, re-
tailing, technology, telecommu-
nications and tourism.
The main requirement is size.
Specifically, Mr. Krueger and his
partners are eyeing a substantial
stake in Bank Hapoalim. They
also are aiming at large estab-
lished firms which are about to
be, or in the process of being, pri-
vatized — such as Bezek, Israel
Chemicals and Shekem. Why
think so big?
"Because we're all such lazy
people!" Mr. Krueger joked. "It's
easier to do five deals for $30 mil-
lion apiece than 30 deals for $5
million apiece."
It was a rare light-hearted mo-
ment for Mr. Krueger, who is the
picture of the serious, suited Wall
Street figure. He is all business
when discussing the current mar-
kets and the role of Renaissance.
But his eyes light up when he
is sidetracked into discussing his
primary volunteer activity in Is-
rael — for the Hebrew Universi-
ty, of which he is a former
chairman of the board of gover-
nors.
His enthusiasm level also ris-
es when he is asked to recount the
history of his involvement with
Israeli business, which encom
passes his successful 34-year ca-
reer.
It began in 1961, when he took
Bank Leumi public in what, at
the time, was "a modest offering
in American terms." A year later
he did the same thing for Israel
Discount Bank.
It was a time when the Arab
boycott was taken seriously on
Wall Street. The firm Krueger
was associated with at the time
— Kuhn, Loeb & Co. (which lat-
er merged with Lehman Broth-
ers) — was the only American
company willing to do business
with Israel.
"And don't think it's because
the firm was Jewish," he said.
"There were plenty of Jewish
firms not doing business with Is-
rael."
Even as Israel's international
image grew stronger, Israeli firms
were still not considered hot com-
modities in the investment world.
"It was interesting that during
the strong political period of 1967-
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