Opportunity in the

Negev and Galilee

Investing in Israel's Periphery

Elah Fund I, L.P. is a growth capital impact fund investing primarily in high potential, medium sized, revenue generating, export oriented companies in Israel’s Negev and Galilee regions.


Industry Leaders,

Hands-on engagement


Investment Team

The Elah Fund is led by a cohesive, dedicated team of industry leaders with decades of investment and operating experience.

Scott Shay


Chair, Investment Committee

Scott is co-founder of the Elah Fund and the Chairman of its Investment Committee. He is a co-founder and Chairman of the Board of Signature Bank (Nasdaq: SBNY), a full-service commercial bank that has grown to $50 billion in exclusively from organic growth.  Signature is consistently ranked in the top 5 best banks in America by Forbes magazine.


He has been a Partner at Ranieri Partners and its predecessor entities since 1988. He was a lead negotiator in privatization of Bank Hapoalim and former board member. He was also a Founding Director of Super Derivatives, which was sold to ICE and was the largest foreign acquisition of Israeli financial technology company.  Scott received a BA from Northwestern University (Phi Beta Kappa) and an MBA (Distinction) from Kellogg School at Northwestern.

Calanit Dovere Valfer


Managing Partner

Calanit is co-founder and Managing Partner of the Elah Fund.   Previously, she was Partner of Nexus Israel, a strategic advisory firm for investors/owners and CEOs focused on business growth optimization through institution building, performance improvement, and market expansion with a focus on industrial/manufacturing businesses and US/Israeli collaborations.

She was Chief of Staff for the Chairman of Bank Hapoalim and Senior Aide to the Head of Global Private Banking at Bank Hapoalim. She was a management consultant with Greenwich Associates. She also was the Founder of the Nisan Young Women Leaders and other social venture initiatives. Calanit received her BA, MIA (Honors) and MBA from Columbia University.

Danny Goldman 



Danny was VP Finance and CFO of the IMC Group, a Berkshire Hathaway portfolio company. Danny was involved in some of IMC’s most crucial decisions and lead its M&A activities, which included the acquisition of more than thirty companies around the globe including the 2-phase acquisition of IMC by Berkshire Hathaway.

Danny is also Chair of Stef Wertheimer’s Foundation for Education, Work and Entrepreneurship for Industry. The foundation aims to advance Stef’s vision in the areas of education, skills, entrepreneurship, industry, community development, and culture, particularly in the Galilee and the Negev. Danny also served as a director of various companies in the Wertheimer family portfolio. He holds a BA in Accounting and Economics from Haifa University and is a qualified CPA in Israel.

Ariel Shay

Impact Manager

Ariel Shay heads the Elah Fund's impact analysis and leads the efforts to build portfolio companies with net-positive impact. 

She has a B.S. in Learning and Organizational Change from Northwestern and an MSc. Management from Queen Mary, University of London. She is also a coordinator for Plastic Free Israel.

Strategic Advisory Board

Lew Ranieri


Chairman and President Ranieri & Co., Inc.

Lew is the Chairman and President of Ranieri & Co., Inc., a private investment advisor and Founder and Chairman of Ranieri Partners Management and its investment management companies focused on financial service opportunities.


He is also Board Chair for Shellpoint Partners and was Vice Chairman of Salomon Brothers. He is known as the “Father” of the securitized mortgage market and helped develop the capital markets as the source of funds for housing and commercial real estate. He established Salomon’s leadership position in the mortgage-backed securities area and was responsible for the firm’s activities in the mortgage real estate and government-guaranteed areas.

Amir Efrati


Founding Partner, Brosh Capital Partners

Amir is the Founding Partner and Portfolio Manager of Brosh Capital Partners, a distressed and activist private partnership. Previously, he was the Managing Partner of The Dragon Variation Fund, a distressed bond hedge fund. Prior to Dragon, he was at JCK Partners and Elm Ridge Capital, long/short equity, fundamental based hedge funds.

Prior to working in alternative funds, he was an Investment Banker at Morgan Stanley. He began his career as a Management Consultant at CSC. Amir received his BA (magna cum laude) from Tel Aviv University, and an MBA with distinction from Columbia University.

Oren Harpaz

Founder and Chairman, Colibri Spindles

Oren is the Founder and Chairman of Colibri Spindles Ltd. and a leading advocate for commercial and industrial development in Israel’s periphery in the innovative spirit and vision of his grandfather, Stef Wertheimer, the founder of the IMC Group.  


He is the Founder of the Western Galilee CEO Forum, an executive think tank; Chairman of Moona, a Galilee-based NGO for enhancing the socio-economic strength of the region; and a Steering Committee member at the Technion’s Knowledge Center for Innovation.  He holds a degree in Management from Babson College.

Asaad Joubran

CEO, Albatross Power Ltd. 

Asaad is CEO of Albatross Power Ltd, a project development and management company focused on the energy sector in Israel, the PA and Jordan. Previously, he was VP at OPC Rotem (subsidiary of TASE: ILCO) and at ASIC group of the Israel Corp. He served as a Director for the Israel Electric Company and for Inbal (Government insurance company).


He is a Director of Kav Mashve, the NGO founded by Dov Lautman (z"l) promoting equal employment opportunities for Arab university graduates. He was named a "promising young professional" by The Marker and Globes.  He holds a EMBA from Kellogg-Recanati, LLM from Tel Aviv University and a LLB from the College of Management.

Value Added Returns,

Value Aligned Impact


Seasoned investors. Experienced operators. Committed leaders.

Elah Fund's expert team, access to superior deal flow and disciplined investment strategy will maximize financial returns to investors and generate measurable positive impact for Israel.

For more information

This website is not to be construed as an offer to subscribe for an interest in the Elah Fund I, L.P. Any offer to invest in the Fund will be made solely to qualified investors in accordance with applicable securities laws. The Fund will not be registered with, nor approved or disapproved by, the U.S. Securities and Exchange Commission or any other regulatory organization.

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