|
AltAssets is the private equity news and research service from Almeida Capital
|
|
|
PRINT THIS PAGE Shackleton closes second fund on £25m, acquires 13 secondary interests from 3i21/04/2008. Source: AltAssets. 
UK secondaries venture capital firm Shackleton Ventures has closed its second fund, Shackleton Secondaries II, on £25m. The firm has also announced that it has agreed to acquire 13 smaller long-term venture and development capital investments from 3i Group for an undisclosed sum. The capital for this transaction will come from the new fund. SSIILP is a single investor fund, with capital provided by a European fund of funds investor with over €1.5bn under management.
While Shackleton focused mainly on venture investments in IT, communications and healthcare with its first fund, the firm now plans to widen its focus to include development capital in addition to venture investments.
Hugh Stewart, managing partner, Shackleton, said, 'Shackleton's latest fundraising is testament to the progress we have made with our first fund and to the current investment climate where GPs wish to realise some liquidity through a secondary portfolio transaction. Our first fund's underlying portfolio is performing well and we are very pleased that our second fund has got off to a strong start by acquiring these additional assets from 3i.
'The market for venture secondaries is still relatively young but, we believe, is set to grow as secondary transactions become a standard part of portfolio management in Europe,' he added.
The acquisition of 13 secondary interests from 3i follows the acquisition of equity stakes in 14 companies from 3i in 2007 by the first fund, SSLP. The purchased investments include underground pipe repair business Steve Vick International, yacht equipment company Lemar Marine and offshore safety services provider Richard Irvin & Sons.
Copyright © 2008 AltAssets
|
 
|
|
|
