After more than eight years of managing the Hanaco Fund, Pasha Romanovsky has announced his retirement. The last year was particularly tumultuous for the fund, which was embroiled in a scandal involving fraud and forgery with the Vesttoo startup. The company filed for protection from creditors under Chapter 11 in the USA and closed its operations in Israel, except for a team handling legal and financial affairs. An investigation is ongoing by authorities in the USA, including the FBI.
Despite this setback, Romanovsky has remained committed to supporting his portfolio companies. Last month, singer Omer Adam and Pontifex biotech fund founder filed a lawsuit against him for $750,000, claiming he presented them with false information regarding foodtech company Infarm. Romanovsky is a director in several companies but will leave all boards after his retirement. Hanaco currently manages a fund worth 2.5 billion dollars and is one of the largest capital funds in Israel.
Romanovsky expressed gratitude for his time with the fund and looks forward to supporting its portfolio companies moving forward. Alon Lifshitz, the other founding partner of Hanaco Fund, thanked Romanovsky for their partnership and wished him success in his new endeavors. It is important to note that none of the individuals mentioned in this article have been convicted of any crimes and are presumed innocent until proven guilty.