Providing access
and guiding to the
Israeli capital markets
Excess Capital Markets is an investment banking, underwriting and advisory firm providing Israeli and foreign companies and funds with access to debt and equity capital through the Israeli public and private markets. Our approach is long-term and relationship-driven, combining execution with strategic advice on timing, structure and market access. We remain actively involved post-issuance, supporting rating maintenance, investor relations, and future capital markets initiatives.
Excess Capital Markets is part of Altera Group, established
by shareholders of Sphera Funds Management, one of Israel's
leading hedge fund managers.
MANAGMENT
Ido Edmond Cohen
Co-Founder
Ido brings over 10 years of experience in the Israeli capital markets, including extensive involvement in public debt and equity offerings, private capital raises, and ongoing engagement with Israeli institutional investors across both public and private markets. Specializes in advising and guiding foreign companies and investment funds in accessing the Israeli institutional capital base, with direct participation in leading cross-border debt transactions totaling over NIS 15 billion. Deep expertise in capital structure strategy, institutional positioning, and investor relations for sophisticated investment vehicles.
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Idan Knobel
Co-Founder
Idan brings over 15 years of experience in the Israel capital markets, offering a profound legal-financial
perspective. Throughout his career, Idan has led and advised a wide array of complex transactions, including public offerings of equity and debt and private deals, with an aggregate value exceeding 80 billions of NIS. Expertise in architecting and executing Israeli bond offerings for foreign issuers and structuring complex crossborder private financing. Currently, Idan chairs the Boards of Directors of Encore Properties and Castellan Real Estate, American corporations with bonds listed on the Tel Aviv Stock Exchange._2026-03-12_16-34-37.png)
Amir Davidovich
Co-Founder
10+ years in Israeli capital markets with extensive expertise in public markets with deep experience across debt and equity. Strong expertise in complex financial structures and project finance, with deep sector expertise in energy and infrastructure combined with hands-on experience in structuring and evaluating sophisticated financing solutions. Previously spent 6 years at Sphera Fund, a leading Israeli hedge fund, where he served as a buy-side analyst and led Israeli equity research. Prior to Sphera, spent 2 years at EY (TAS Division) as a Senior Advisor, leading advisory projects for leading public companies in Israel.
BOARD MEMBERS & ADVISORS
Doron Avital
Independent Director
Doron Avital is a former Commander of Sayeret Matkal, one of Israel’s elite special forces units, and a former Member of the Israeli Parliament (Knesset).
He previously served on the Board of Directors of Discount Bank and today advises companies and organizations on strategy, technology and innovation.
Doron holds a Master’s degree in History and Philosophy and brings extensive leadership, governance and strategic decision-making experience from both the public and private sectors.
Shai Braitner
Independent Director
Shai Braitner is a business intelligence, dispute resolution and strategic advisory expert with over 20 years of experience supporting companies through complex business, legal and financial matters. As Co-Founder and CEO of BICI, he advises clients on litigation, arbitration, negotiations, due diligence and asset-tracing assignments worldwide. Shai also brings extensive experience in fundraising, business development and corporate strategy. He holds an MBA in Marketing and a B.A. in Social Sciences and Management
Ronen Halpern
Director & Advisory
Ronen Halpern is an investment professional with over 20 years of experience in capital markets, private credit, real-estate-backed lending and alternative investments. Former Partner and Deputy CEO at Tandem Capital, Ronen managed the Golden Bridge real estate credit platform and played a key role in growing the fund to approximately $500 million in investor commitments. Today, he leads Alterra, the group's affiliated alternative investments platform, focused on the creation, structuring and fundraising of alternative investment solutions.
Omer Dgani
Advisory
Omer Dgani is a senior investment industry executive with over 20 years of experience in capital raising, distribution and business development. Former Head
of Sales & Marketing and a member of the executive management team at Yelin Lapidot, one of Israel’s leading investment houses, Omer played a key role in the firm’s growth and market leadership. Today, he serves as Managing Partner at Sphera Funds Management, focusing on business development, investor relations and the continued expansion of the firm's alternative investment platform.
SERVICES
INVESTMENT BANKING & UNDERWRITING
Public bonds underwriting services for foreign companies.
Advisory on transaction structuring and issuance documentation, including the prospectus and trust deed.
Deal management including Institutional marketing and book building.
M&A advisory and deal management.
Investor relations support post-issuance.
SECURITIZATION &
STRUCTURED FINANCE
Advising on asset-backed structures and SPV structuring.
Institutional securitizations and portfolio monetization solutions.
Securitization financial modeling and analytics.
Rating agency coordination and capital markets execution.
CREDIT RATING ADVISORY
Rating strategy and positioning; preparation for rating committees.
Financial model alignment with rating methodologies.
Ongoing dialogue management with rating agencies.
Capital structure optimization to support target ratings.
Ongoing rating maintenance.
CAPITAL MARKET ADVISORY
Israeli market entry strategy.
Capital structure optimization and financing diversification.
Long-term funding roadmap planning.
Tailor-made financial solutions for growth.
THE EXCESS EDGE
01
FOUNDERS TRACK RECORD
35+ Years
Cumulative experience in Israeli capital markets — debt & equity.
NIS 15B+
Capital raised for foreign companies and funds globally.
Global Bridge
Navigating complex global–Israeli institutional relationships.
02
BUY-SIDE PERSPECTIVE
Hedge Fund Point of View
Former Sphera investment professionals in the management team, alongside Sphera partners as shareholders and strategic partners..
Risk Intelligence
We know how institutions evaluate risk, pricing & covenants.
Sector Depth
Infrastructure, Energy, Real Estate & Structured Finance.
03
THE COMPLETE PACKAGE
Integrated Capital Markets Expertise
Combining execution expertise with an institutional investor mindset to deliver better structured and better positioned transactions..
An invesment group founded by partners of Sphera,
one of israel's leading hedge fund groups.
ALTERA GROUP
EXCESS IS PART OF
Alternative Investments
Privet Markets
ALTERA FUNDS
Structuring, launching and distributing alternative investment funds and tailored investment vehicles, including white-label funds and feeder structures. Altera provides an end-to-end platform, from fund formation and structuring to capital raising and distribution across family offices, qualified investors and semi-institutional investors.
Institutional Capital
Global Managers. Israeli investors.
ALTERA PLACEMENT
Representation of foreign investment
managers in the Israeli institutional market, with a track record of facilitating over $5 billion in capital raised from Israeli institutional investors. Representative clients include CIFC, AEW, MV Credit, and others.
Public & Private
Capital Markets
EXCESS
Investment banking and underwriting services for foreign and Israeli and companies, providing tailored debt and equity solutions across Israel’s public and private capital markets — from structuring and strategic advisory through placement and execution.
THREE COMPLEMENTARY BUSINESSES. ONE INTEGRATED PLATFORM.
