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PRINT THIS PAGE Spain-focused Adara Venture Partners raises €40m for first fund07/09/2005. Source: AltAssets. 
 Luxembourg-based, Spain-focused venture capital investment firm Adara Venture Partners has held a first closing on its first fund, Adara Ventures SICAR (Société d'Investisement en Capital à Risque), on €40m.
Adara expects a second and final closing on €50m before the end of the year.
Adara Ventures SICAR will invest in technology-related early-stage ventures, primarily based in Spain or with significant operations in Spain.
Investors in the new fund include the European Investment Fund, Fonditel, Energias de Portugal and Banistmo.
Overall, 70 per cent of the committed funds come from institutional investors and 30 per cent come from private investors. Spanish investors represent 45 per cent of commitments, other European investors 35 per cent and North and South American investors 25 per cent.
'The launch of Adara Ventures was prompted by the recognition that in recent years a large number of high potential, early-stage companies in Spain requiring risk capital financing, have found a void in terms of available sources of capital. Importantly, the entrepreneurs driving these ventures also need and look for hands-on company-building support,' Adara said in a statement.
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