Ruby Capital

Since its founding in 2015, Ruby Capital Group has been providing creative financing and investment solutions for high-quality real estate projects across Israel, earning a strong reputation for expertise, reliability, and swift execution. The Group’s leadership team brings extensive experience in both Israeli and global real estate markets, combining strong industry insight with a broad network of connections.
Backed by a stable and diversified capital base, Ruby Capital continues to drive significant growth. To date, the Group manages over 200 projects including more than 15,000 residential units in more than 30 municipalities across Israel.

RUBY CAPITAL’S BUSINESS STRATEGY

Ruby Capital provides developers with customized financing solutions and high-quality service, while at the same time maintaining a disciplined focus on financial stability and investor value. Every project is supported by advanced risk management tools for maximum downside protection. The Group’s partners not only invest significant personal capital but are also closely involved in every project, reflecting their full alignment with client success. Operating with a global business mindset, Ruby Capital is guided by a long-term vision and a strong belief in the power of the Israeli market. Each investment is approached with a sense of responsibility, entrepreneurship, and Zionism, contributing to the country’s ongoing development. Looking ahead, the Group continues to expand beyond its core activities, pursuing opportunities that build on its expertise and create value for its partners and investors.

RUBY CAPITAL’S BESPOKE FINANCING SOLUTIONS

Ruby Construction Financing: Comprehensive Construction Loans with Institutional Partners
Ruby Construction Financing offers tailored end-to-end solutions including senior debt, landowner loans in combination deals, Sales Law insurance, and required guarantees. To provide these guarantees, the Group collaborates with Israel’s leading insurance providers. Focusing primarily on urban renewal and land-combination projects, Ruby Construction Financing also offers solutions to legal and ownership challenges that commonly arise during these projects. As of Q1 2026, Ruby Construction Financing manages over NIS 35 billion in project value.

Ruby Purchase Groups: Financing for Purchase Groups and Private Landowners
Leveraging Ruby Capital’s industry experience and reach across the country, Ruby Purchase Groups offers effective solutions to address the unique complexities of purchase group structures. A dedicated team oversees the process end-to-end, using advanced management tools and working closely with group organizers and members throughout. Services include:
• Comprehensive project financing backed by first-lien mortgages
• Flexible repayment schedules to match group needs
• Rapid underwriting in line with bank-level standards
Projects range from small-scale developments to hundreds of units across Israel. With disciplined underwriting, fast execution, and advanced risk assessment, Ruby Purchase Groups has become a leading player in this segment.
Financing Packages for Developers
A full range of financing solutions is geared to support developers at every stage, including equity top-ups, bridge loans, pre-permit funding, and loans backed by project surpluses.

RUBY CAPITAL’S INVESTMENT DIVISION: RUBY EQUITY

Sapphire Funds

Ruby Capital’s Sapphire Funds offer reputable developers equity financing alternatives that combine institutional and private capital with deep industry experience and creative profit-sharing mechanisms that support their growth. The Funds offer a variety of solutions including participating mezzanine loans and preferred equity partnership structures.
Sapphire Funds focus on residential projects, spanning both ground-up construction and urban renewal, areas in which Ruby Capital has deep experience. Beyond capital, the Funds’ managers bring valuable industry expertise and provide strategic input to each deal, drawing on their long-standing experience with complex transactions and their genuine stake in the project’s success. That combination helps proven developers diversify risk and simultaneously advance multiple projects, while maintaining financial strength and business stability.

RUBY CAPITAL’S LEADERSHIP TEAM

Ilan Rubinstein, Chairman and Founding Partner: Over the past 20 years, Ilan has co-founded and served as a partner at several US and Israel-based real estate finance, investment, and development firms.

Gerson Schapiro, CEO and Founding Partner: With over 35 years as an entrepreneur and business leader, Gerson has built, grown, and led several successful companies across a range of industries. Before founding Ruby Capital, he was a partner in a global metals trading company with international operations and held senior roles at other ventures, consistently driving their growth and commercial success.

Andrew Mestel, Founding Partner: Andrew has extensive experience in global trade, financing, and the marketing of commodities and raw materials. He also has a track record of founding new businesses and consistently leading them to growth and commercial success. Andrew has been involved in the acquisition, finance, debt syndication, and management of real estate projects in Israel and the United States.

Yaakov Nitzan, CEO and Partner: Yaakov brings over 30 years of experience in economics and real estate. At Harel Insurance, he built and led a financial support platform managing thousands of housing units and oversaw the firm’s non-traded real estate credit activity, with assets totaling billions of shekels. He also held senior roles in Israel’s financial sector, including heading the real estate divisions at Bank Otsar Ha-Hayal and the Mizrahi Group.

Omer Alpern, Partner: Omer is an expert in initiating and establishing real estate financing and investment activities, as well as in project finance and complex real estate asset financing. He has partnered in and led numerous debt and equity fundraising processes for real estate, infrastructure, and energy ventures in Israel and abroad, totaling billions of shekels. At Ruby Capital, he leads the Group’s equity investment activity and is responsible for the division’s business development and for shaping its strategic and financial direction.