“By working faithfully eight hours a day, you may eventually get to be a boss and work twelve hours a day”, Robert Frost, American poet and winner of four Pulitzer prizes.

Israeli venture capital funds have been struggling to raise their target sums in the past few months, and the Israeli venture capital lost a quarter of a billion dollars for potential start up investments. 

 Tamir Fishman’s venture capital fundwill have to satisfy with a 100 million dollar fund rather than the $150 million it originally planned to raise. Tamir Fishman will also cease its fundraising efforts for a third fund Gemini Israel Funds had to settle for a $150 million fund, rather than the $200 million it originally planned for. It is the first time since 1997 that Gemini raises a fund smaller than $200 million. Giza Ventures has also dropped $50 million from its projected $150 million fund and has stopped its fundraising efforts on Giza 5. JVP and Genesis Partners are both currently working on raising additional funds, but are projected to fall 100 million dollar short as well by October. To add to the woes of the funds, partners are dropping right and left. According to YNET: Yuval Baharav, one of Sequoia’s senior partners has left the fund, to start a new company. Harel Beit-On has left Carmel Ventures. Michael Elias, one of Tamir Fishman’s five senior partners has left the fund for ‘family matters’. Gemini Ventures also shed one of its partners recently, Carmel Sofer, supposedly for his decision to start a doctoral program, but according to Israeli publications, due to disagreement on the fund’s investment strategy.

All together, it is a $250 million loss, out of an $800 million of total capital raised. The impact will likely be felt  primarily by Israeli start ups, who are currently ‘thirsty’ for capital.

According to D&B, Israeli venture capital funds manage a total of 36 billion NIS (equivalent of approximately 9 billion dollars, depending on the exchange). That said, the active capital which is available for investment is only estimated at $1.31 billion and it is meant to suffice for the next couple of years.  In comparison, in 2008 alone, investments in Israeli start ups reached $2.08 billion. Such a drastic decline in the available capital for start ups will seriously influence the growth of new technology companies, coming out of Israel.

The global economic crisis has hit the ’sponsors’ of venture capital including large pension funds, endowment funds and high net worth individuals. Calpers, the US  largest pension fund with $183 billion under management, has already reported a 30% decline in the value of its assets since September, which represents an unprecedented loss of 70 billion dollar. Calpers was an investor in several Israeli venture capital funds such as Pitango, Carmel, Giza and Gemini.

Harvard’s endowment fund has lost 22% of its value, which came down to Eight billion dollars. The stock market and the collapse of the US real estate industry are the main causes for it loss. After these funds pulled out some of the money from those under performing asset classes, venture capital suddenly had a 3% to 10% share of their portfolio, which drove endowment funds to diversify more and eventually decrease their investments in risky ventures.

In the words of the New York Times:

Harvard, like other schools, is expected to be hurt by declines in other revenue streams, as well as the endowment. As families of students find themselves increasingly in need of financial aid, the revenue from tuition could fall. In addition, as the downturn puts strain on the government, federal grants and contracts for sponsored research are likely to encounter added stress.

There is not too much or a silver lining  in the state of the venture capital industry in Israel. As discussions on potential government VC bailouts begin to take place in the US, the Israeli VCs are following attentively. One thing that did not change is the amount of raw talent and innovation coming out of Israel. This are vulnerable times for Israeli VCs, but a great opportunity for international funds who want to increase their presence in Israel.

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Mutual Duties, Rights and Liabilities of Partners in the Absence of Partnership Agreement

The duties, rights and liabilities of partners in the conduct and management of the affairs of the partnership are contained in its partnership deed. However, if on any point, the deed is silent, then the relevant rule of the Partnership Act, 1932, will apply.

In the absence of a written partnership agreement, the mutual rights and duties of partners shall be governed by the Partnership Act which isas follows.

General Duties of Partners

Partnership Act describes the general duties of partners as under:

“Partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful’ to each other and to render the true accounts and full information of alt things affecting the firm to any partner or his legal representative”.

All the duties of partners arise from the principle of goods faith which is to be all and end all of a partnership. These duties as described n Section 9, 10, 12 and 13 of Partnership Act are described as follows:

(a) Duties of a Partner

I. Co Advantage

Partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful to each other and to render the true accounts and full information of all the things affecting in the firm any partner or his legal representative.

2. Indemnity

partner shall compensate the firm for any loss caused to it by his fraud in the conduct of the business of the firm.

3. Loss Caused by Willful Neglect

The Act provides that a partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm.

4. Due Diligence

Every partner shall attend honestly and carefully to his duties in the conduct of business.

5. Provision of Information

is the duty of the partners to give full information about the affairs of the firm to one another.

(b) Rights of a Partner

According to Section 12 and 13 of the Partnership Act, the rights of a partner are as follows:-

1. Right to Take Part in The Management

A partner has a right to take part in the management of a business subject to the agreement.

2. Expression of Opinion

A partner has a right to express his opinion before the matter is decided, but no. change may be made in the nature of a business without the consent of all the partners.

3. Inspection of Books

A partner has a right to inspect and copy any of the books of the firm.

4. Right to Be Indemnified

A partner has the right to be compensated by the firm in respect of expenses incurred by him or any losses suffered by h in the conduct of his business.

5. Right to Continue

partner has the right to continue in the business unless he is expelled according to the provisions of Deed and in good faith.

6. Use of Property

The partner has the right to see and ensure that the property of the firm is held and used exclusively for the purpose of the business.

7. Sharing of Profit/Loss

Every partner shall have an equal share in profits/loss in a business, unless otherwise mentioned in partnership deed.

8. Interest on Capital

A partner is entitled to receive interest at the rate of 6% per annum on the excess money supplied over his capital.

9. Right to Retire

A partner has the right to retire according to the provisions of agreement or with the consent of the other partners.

(c) Liabilities of a Partner

According to Section 13(c) of the Partnership Mt subject to contract between the partners, the obligations of a partner are as follows.

1. Joint Liability

Since every partner is the agent of the firm for the purpose of carrying on the business, he is, therefore, jointly and separately liable for all business debts of the firm.

2. Liability of a New Partner

A new partner cannot be held responsible for the loss or claim the share of profit before his date of admission.

3. Property of The Deceased

The property of the deceased cannot be held liable for any obligation incurred by the firm after his death.

4. Liability of Retiring Partner

retiring partner is liable for the debts of the firm incurred before the date of his retirement.

5. Competitive Business

A partner cannot engage h in any business in competition with the business of the firm. If he does so, he is liable to surrender the profits to the firm of which he is a partner.

6. No Private Use of Property

A partner cannot use the property of the firm or its goodwill for his private gains, if he does so he is liable to surrender the profits so earned to the firm.