Sphera Funds Management

What Sphera Funds Management does

Sphera Funds Management Ltd. is a Tel Aviv-based, privately held hedge fund manager founded in 2004 by Doron Breen, Ron Senator, and Israel Mor (deceased 2023). The firm operates a multi-strategy platform of seven distinct funds: six long/short equity strategies and one real estate private equity vehicle. The equity strategies span a flagship Israeli and Israeli-related large/mid-cap fund (Sphera Master Fund, 2004), a second/third-tier Tel Aviv Stock Exchange value fund (Sphera Value Fund, 2011), a global pharmaceutical and biotechnology fund (Sphera Global Healthcare Fund, 2007), a global small/mid-cap biotech fund (Sphera Biotech Fund, 2018), a global and Israeli technology equity fund (Sphera Tech Fund), and an Israeli bond long/short fund launched in 2025 (Sphera Bond Fund). The real estate private equity strategy (Sphera Park-In, 2021) invests exclusively in parking assets in Israel's central district.

The firm employs a disciplined, fundamentals-driven investment process supported by a team of over 20 investment professionals with backgrounds at JPMorgan, Google, Facebook, Qualcomm, Teva Pharmaceutical Industries, Citi, EY, and Israeli regulatory bodies, plus scientific credentials (MD, PhD) for healthcare coverage. Revenue is generated through traditional hedge fund economics — management fees as a percentage of assets under management and performance-based incentive fees — though specific fee terms and AUM are not publicly disclosed. The target client base is institutional and includes pension funds, insurance companies, banks and financial institutions, family offices, and high-net-worth individuals, distributed through direct institutional sales rather than third-party intermediaries.

The firm is founder/management-controlled, with co-founders Breen and Senator still serving as Managing Partners alongside a bench of additional Managing Partners, a CFO/Head of Operations, a COO/General Counsel, and dedicated investor relations and business development leadership added in 2025. Operating geographies are anchored in Israel, with investment mandates extending to Israeli-related companies listed on Nasdaq and global technology and healthcare markets.

Name

Sphera Funds Management

Legal name

Sphera Funds Management Ltd.

Website

https://spherafund.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Sphera Funds Management is a privately held Tel Aviv-based hedge fund manager founded in 2004, operating seven long/short equity and real estate private equity funds for institutional investors including pension funds, insurers, family offices, and high-net-worth individuals.

Ownership category

akta.pro rank

Product category

Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAHAAAA

Fundamental/Discretionary Equity Long/Short

Financial & Insurance/Hedge Funds & Alternative Investments/Hedge Funds — Equity Long/Short

SECONDARYFSAHAAAC

Sector-Focused Equity Long/Short

Financial & Insurance/Hedge Funds & Alternative Investments/Hedge Funds — Equity Long/Short

SECONDARYBPAJAMAJ

Real Estate Portfolio & Fund Management (Institutional/REIT/PE)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Asset & Portfolio Management

Keywords

• Hedge fund management
• Long-short equity
• Alternative investments
• Institutional asset management
• Real estate private equity

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Management Fees: Traditional hedge fund management fees charged as a percentage of assets under management (AUM)
2. Performance Fees: Performance-based fees typically charged on profits generated (carried interest structure common in hedge funds)

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

Sphera Funds Management is an Israeli hedge fund manager that offers six long/short equity strategies and one real estate private equity fund to institutional and qualified investors. Its funds invest across Israeli and Israeli-related equities on the Tel Aviv Stock Exchange and Nasdaq, Israeli corporate bonds, global pharmaceuticals/biotech, global and Israeli technology stocks, and Israeli parking real estate. The firm manages capital for pension funds, insurers, financial institutions, family offices, and high-net-worth individuals through discretionary portfolio management.

Product overview

Sphera Funds Management offers a platform of seven distinct investment funds: six long/short equity strategies and one real estate private equity fund. The core funds include the Sphera Master Fund (flagship long/short equity for Israeli and Israeli-related large/mid-cap stocks), Sphera Value Fund (long/short targeting undervalued second/third-tier TASE companies), Sphera Bond Fund (long/short fixed income strategy for Israeli bonds), Sphera Tech Fund (long/short for global and Israeli tech stocks), Sphera Global Healthcare Fund (long/short for global pharma/biotech), and Sphera Biotech Fund (long/short for innovative small/mid-cap biotech companies). Additionally, Sphera Park-In is a private equity vehicle focused exclusively on parking real estate in central Israel. All funds share a disciplined, fundamental, research-driven investment approach with risk-adjusted return objectives.

Differentiator

Problem solved

Functional benefit

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Psagot Investment House: One of Israel's largest investment management firms offering mutual funds, hedge funds, and provident/pension products. Directly comparable as an Israeli-based multi-strategy asset manager serving institutional and retail investors.
• Meitav Investment House: Major Israeli investment house managing hedge funds, mutual funds, pension, and provident assets. Directly comparable as a domestic alternative-investment manager with corporate-bond and equity capabilities (Sphera's Tzafrir Efrati previously headed Meitav's corporate bonds desk).
• Altshuler Shaham: Large Israeli asset manager offering mutual funds, hedge funds, and pension management. Comparable as a leading Israeli institutional investment manager competing for the same pension fund and HNW mandates.
• Yelin Lapidot Investment House: Israeli investment house managing mutual funds, hedge funds, and institutional mandates. Directly comparable as a domestic competitor for Israeli institutional capital (Sphera's Omer Degani spent 19 years at Yelin Lapidot).
• Harel Insurance & Finance Group: One of Israel's largest insurance and financial groups with significant asset management and nostro investment operations. Comparable as an institutional Israeli investor/manager with significant in-house portfolio management (Sphera's Avishay Hertzanu previously managed a Harel nostro portfolio).
• Excellence Investment House: Israeli investment management firm offering mutual funds, hedge funds, and provident/pension products. Comparable as another domestic multi-strategy manager competing for the same institutional clients.

Broad incumbents

• Migdal Insurance and Financial Holdings: One of Israel's largest insurance and asset management groups with broad institutional investment capabilities. Comparable as a large incumbent Israeli institutional investor and asset manager, though significantly broader than Sphera's hedge fund focus.
• Clal Insurance Enterprises Holdings: Major Israeli insurance and financial services conglomerate with significant in-house asset management. Comparable as a broad Israeli institutional capital allocator and asset manager.

Emerging players

• OrbiMed Advisors: Healthcare/biotech-focused investment firm with scientific research-driven stock picking similar to Sphera's Global Healthcare and Biotech funds. Comparable as a specialist healthcare/biotech investor with overlapping thematic mandate.
• RA Capital Management: Healthcare-focused crossover investment manager with strong scientific research infrastructure. Comparable as a specialist biotech/healthcare investor with overlapping sector expertise relevant to Sphera's Global Healthcare and Biotech funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sphera-global-healthcare-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments20 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sphera Funds Management