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Home›Tel Aviv›Mnuchin and Friedman open investment office in Tel Aviv

Mnuchin and Friedman open investment office in Tel Aviv

By Shelly J. Cazares
June 17, 2021
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Former US Treasury Secretary Steven Mnuchin is opening an office in Tel Aviv for his new Liberty Strategic investment fund, which will be headed by former US Ambassador to Israel David Friedman. in cybersecurity and fintech, which are major areas of interest for us, ”Mnuchin said, from a conference room in a Tel Aviv skyscraper overlooking the city with a view of the sea. Mnuchin said Liberty Strategic is looking to make major investments in technology and business models where there can still be huge amounts of growth, ”but is not a venture capital fund. Mnuchin has touted his own experience overseeing cybersecurity for the entire US financial services industry, as well as the IRS, and is looking to invest in companies in related areas. “We hope to be seen as one of the best strategic partners in these areas,” he said, adding that in Israel, “there is a lot of advanced technology and we think we can grow and grow.” Israel’s tech sector remains strong and has not been affected at all by the political instability of recent years, Mnuchin said. “It’s as robust as anything I’ve seen in the size and number of start-ups from Israel and the amount of capital invested,” he said. “We just heard a statistic that investments in the first six months of this year were as much as investments for the whole of 2020. “

Friedman said running Mnuchin’s investment office in Israel is the rare job that combines business with working for a cause he strongly believes in. “I love this country, and the past four years have been a blessing to be here, and I want to participate in Israel’s future growth,” Friedman said. “It’s the growth of Israel. It’s part of what makes the country great – it’s a creator of jobs, a creator of growth, and a region of Israel the world admires. As for working with Mnuchin, Friedman said, “I wanted to get involved with the smartest guys. “Mnuchin wouldn’t say if the rumors that former Mossad chief Yossi Cohen is joining his company are true, saying that Cohen” is considering a lot of different things. But the former Treasury secretary praised Cohen, whom he called a ‘great friend,’ and said they worked closely together because the Mossad is one of the sharing partners. intelligence closest to the United States. Mnuchin said that before the COVID-19 pandemic, about half of his time was spent on national security issues.
Meeting of Steve Munchin and David Friedman (MARC ISRAEL SELLEM)

Prior to joining the Trump administration in 2017, Mnuchin was a senior banker at Goldman Sachs, a hedge fund manager and a Hollywood film producer. Friedman was a bankruptcy lawyer, whose clients included former President Donald Trump. Liberty Strategic is expected to raise funds from sovereign funds in the Persian Gulf. Mnuchin said he plans to open several offices across the Middle East, including in some of the countries that established diplomatic relations with Israel over the past year through the Abrahamic Accords. Friedman has visited the United Arab Emirates and Bahrain in recent weeks for this purpose, as well as for a documentary film he is preparing on the agreements. “Given our relationship here, the opportunity to bring economic transactions between different member states closer to the Abrahamic Accords is also a tremendous opportunity for us,” Mnuchin said. “The technology that is developed here [in Israel] creates huge opportunities across the Middle East, and huge growth in the economy here as a result of Abraham’s deals doing business with other countries. Friedman said the Abrahamic accords “are full of potential,” and after the governments of the countries involved have taken the steps to normalize diplomatic relations, “the people are now taking over” and developing people-to-people and commercial ties. When asked if he was happy with the way the Biden administration is handling the pursuit of the Abrahamic Accords, Mnuchin said he was “on hold.” and-see approach. I hope they adopt it and participate. Friedman encouraged the Biden administration to use the brand of Abraham’s accords, which they mostly avoided because it is “deeply meaningful to those involved.” The two Trump administration officials have avoided criticizing the current administration in Washington. Regarding the negotiations between Iran and the United States to join the 2015 Iran nuclear deal, Mnuchin, who played a big role in the “maximum pressure” sanctions against Iran, said that the objective of the sanctions was to reach a better deal with Iran. “This agreement must include and address all important issues, including the term [of the nuclear limitations]. If Iran is serious and doesn’t want nuclear weapons, it has to be long enough, ”Mnuchin said. The current deal with Iran would expire in 2030. In addition, Mnuchin said that “other regional actors” are particularly concerned about Iran’s ballistic missile capabilities and the sponsorship of terrorism, and should be involved in it. the talks. “These issues, in my opinion, should be part of regional discussions and not just between the United States and Iran, because it is much broader,” he said.



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