Click here for printer friendly page

gamma capital partners holds initial close for Austrian tech VC fund

Austrian gamma capital partners has announced an initial close of E10m for its technology venture fund gamma II. The fund, which was launched six months ago, will target high-tech companies in a variety of sectors including life sciences and electronics in Austria and in neighbouring countries.

Cornerstone investors Investkerdit Bank and Raiffeisen Landesbank Upper Austria have been joined by several Austrian insurers and development bank AWS. Gamma will remain open for a further six months with a cap at E25m.

The fund is gamma capital partners' second foray into the technology venture market. The firm took over management of former VC Incubator iLab24 in 2002, repositioning the vehicle as a generalist technology venture capital fund.

The Austrian private equity market is still in its infancy. A recent EVCA report benchmarking European tax and legal environments considered Austria, along with Denmark, to have the least favourable conditions for private equity and venture capital activity.

Copyright © 2003 AltAssets