Real Estate Financing & Investments in Israel
Local market expertise, global underwriting standards
At Ruby Capital, we offer investors access to Israel’s residential development market, one unlike any other among advanced economies driven by the OECD’s highest fertility rate and a persistent structural shortage of supply. We have been operating in this market since 2015, alongside the country’s leading banks and financial institutions.
Founded by real estate veterans with decades of experience in North America and Israel, we combine global underwriting standards with local market expertise. We work across two divisions: providing debt financing to developers through Ruby Finance, and co-investing with them through Ruby Equity.
Ruby Finance: 230+ projects financed • 15,000+ housing units • NIS 35 billion in managed credit facilities (approx. USD 11B)
Ruby Equity: 30+ projects • ~3,000 residential units • NIS 1 billion in capital under management (approx. USD 325M)
Figures as at [May 2026]. US dollar equivalents converted at USD/ILS 3.07.
Our approach is straightforward: We see the full picture, understand what each project needs, and build the financing around it. Flexible in structure, never in underwriting discipline, we price for the upside and protect against the downside. This is how we have been moving with a changing market, capturing compelling opportunities through both the rise and the correction of recent years.
Two Divisions, One Group
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Ruby Finance: Real Estate Credit
Ruby Finance lends against residential development projects in Israel, offering construction loans, pre-permit and predevelopment credit, and financing for purchase groups (buyer collectives that develop a project jointly). Facilities are funded through our credit vehicle in cooperation with institutional investors and insurance companies. Loans are underwritten in-house and typically clear two credit committees, ours and our institutional funding partner's. -
Ruby Equity: Real Estate Equity
Ruby Equity invests in a variety of real estate projects and strategies through dedicated funds as well as in direct positions. Through our Sapphire Funds, we typically provide preferred equity or profit-participating loans, which rank ahead of the developer's own equity. For developers that means capital which strengthens the structure of a deal and creates financial flexibility. For private and institutional investors, it means access to Israeli residential real estate through a seasoned and professionally managed vehicle.
Two Ways In for Investors
We work with global family offices, private clients, and institutional investors across both divisions to identify which route fits their portfolio.
Ruby Finance: credit defined term • contractual return.
Ruby Equity: equity longer horizon • share in upside.
Investors in both divisions receive quarterly reports and track their positions through our investor portal.
News and Updates
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Hachshara Urban Renewal Secures NIS 1.2 Billion in Financing for Kiryat Yam Project
The financing facility, provided by Ruby Capital together with Shlomo Insurance and Ayalon Insurance, will support the construction of 478 residential units in the first two phases of the “Ir Galim” project. Of the total facility, NIS 240 million will be provided as credit, with the remainder allocated to guarantees. To date, 98 apartments have […] -
Migdal Joins Ruby Equity as a Partner in Financing Residential Projects
Migdal joins Meitav, Leumi Partners and Hachshara Insurance as a major investor in the Sapphire II Fund. The fund has already completed transactions totaling NIS 140 million since its launch last summer. Mendi Henig | January 18, 2026 | 14:23 Migdal Insurance is joining Ruby Equity’s Sapphire II Fund as a major investor, with an […]