FORTUNE — Gil Dibner is leaving venture capital firm Gemini Israel Funds, nearly two years after joining as a principal. He previously had been with fellow Israeli venture firm Genesis Partners and, before that, worked at both Goldman Sachs and CIBC World Markets.

From an email Dibner sent today to friends and associates:

I joined Gemini almost two years ago, and my time with the firm has been a wonderful experience in many ways. Most importantly, Gemini gave me the chance to work closely with several teams of fantastic Israeli entrepreneurs. In October 2010, we invested in the Gifts Project led by Matan Bar, Erez Dickman, Ron Gura, and Maya Gura. It was an intense and wonderful journey, and the company was acquired by Ebay in September 2011.

In June of 2011, we invested in LoyalBlocks, led by Ido Gaver and Eran Kirshenboim. LoyalBlocks is well on its way to revolutionizing the location-based loyalty club world – with over 100 deployments in New York City and more joining every day.

A third investment, over one year in the works, is still un-announced, but they know who they are – and they are destined for great things. In addition, I had the privilege of working closely with Omer Gotlieb and Guy Nirpaz at Totango, Oren Harnevo at Eyeview, and Lior Koriat at Qualisystems.

Dibner adds that he is phasing himself out of Gemini over the next two weeks, after which he “will announce my new direction and coordinates.”

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