Izak Parviz Nazarian
Izak Parviz Nazarian | |
|---|---|
| Born | 24 February 1929 Tehran, Iran |
| Died | 23 August 2017 (aged 88) Los Angeles, California, U.S. |
| Occupation(s) | Entrepreneur, investor, real estate developer, philanthropist |
| Known for | Managing partner at Omninet Capital; early investor in Qualcomm |
Izak Parviz Nazarian (Is'ḥaq Parvêz Nazariyân; February 24, 1929 – August 23, 2017) was a billionaire entrepreneur, investor, real estate developer, and philanthropist of Iranian origin who became an American citizen. He was the managing partner at Omninet Capital, a private investment company, and one of the earliest significant backers of Qualcomm.
Early life
Born in 1929 in Tehran, Iran, Nazarian came from a Persian-Jewish background. After losing his father at age five, his mother started a sewing business to support the family. He had a sibling named Younes Nazarian. His education included attendance at the Alliance Israelite Universal Elementary School and Technical High School in Tehran. During World War II, he worked assisting waiters on a U.S. military base located in Iran.
At eighteen years old, Nazarian moved to Italy and joined the Haganah in Genoa in 1947. Following the establishment of Israel in 1948, he emigrated there and fought in the 1948 Arab–Israeli War as a member of the 7th Armored Brigade. After sustaining injuries from a landmine and spending five months hospitalized, he resumed service as the driver for Israeli Foreign Minister Golda Meir.
Career
After completing his military duties with the IDF, Nazarian launched a gravel transport enterprise, acquiring trucks and drivers to supply construction projects throughout Israel. He also owned a cement manufacturing operation located in Yarka. Returning to Iran in 1957, he grew his construction ventures by managing multiple government contracts and maintaining close connections with Shah Mohammad Reza Pahlavi.
With the onset of the 1979 Iranian Revolution and increasing threats to his safety, Nazarian relocated to Los Angeles in the United States. By 1985, he co-established Omninet alongside Irwin M. Jacobs and Andrew Viterbi, initially created to monitor truck logistics between construction sites. Omninet eventually merged with Qualcomm, evolving into a leading semiconductor corporation globally. As a significant equity holder, Nazarian achieved billionaire status.
He held the role of managing partner at Omninet Capital, an investment firm with diversified interests spanning private equity, real estate development, and venture capital investments. Additionally, he chaired Stadco, a key manufacturer specializing in high-precision aerospace tooling and components.
Philanthropy
Prior to 1979, Nazarian was an advocate for women's rights within Iran. Upon settling in the United States, he partnered with Armand Hammer to support Soviet Jews emigrating to Israel and helped establish the Iranian American Jewish Federation based in Los Angeles.
He created the Magbit Foundation to offer scholarships for university students in Israel. His charitable contributions extended to institutions such as Tel Aviv University, where he endowed the Chair for Modern Iranian Studies; Ben-Gurion University; Technion – Israel Institute of Technology; and the Weizmann Institute of Science. Tel Aviv University awarded him an Honorary Doctorate and named The Pouran and Izak Parviz Nazarian Building after him and his wife. In 2013, he was honored as one of four "philanthropic visionaries" by the American Friends of Tel Aviv University.
In 2003, Nazarian founded the Citizens Empowerment Center in Israel (CECI), an organization dedicated to election reform initiatives. In 2009, he authored an editorial titled 'Israel must address flawed electoral system' published by the Jewish Telegraphic Agency.
Personal life and death
Nazarian and his spouse, Pouran, were parents to one son and three daughters, residing in Beverly Hills, California. His brother, Younes Nazarian, was known as a businessman, philanthropist, early investor in Qualcomm, and served as Chairman of Nazarian Enterprises.
Nazarian passed away on August 23, 2017, in Los Angeles, California.