The Massachusetts Pensions Investment Management Board (PRIM) has taken its first financial steps into Israel’s economy, after recently approving a multi-million dollar investment in a venture fund based in the Jewish state.

On April 4, members of PRIM agreed to invest $15 million in SCP Vitalife II, a $150 million venture fund that pursues early-state investments in companies seeking therapeutic and diagnostic medical devices. The fund has offices in Savyon, Israel, and Wayne, Penn.

“The SCP Vitalife team is highly experienced in the medical device field and well positioned to execute attractive investment opportunities,” said State Treasurer Tim Cahill, chair of the PRIM Board, in a statement. “I am pleased to make this investment in Israel – our first country-specific investment outside of the United States and Europe.”

The Commonwealth of Massachusetts’ Department of the State Treasurer reported that
Israel is the third largest source of venture capital funding in the world, following Massachusetts and California...