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Funds: September 2001

New biotech fund for Eli Lilly, debut fund of funds for Schroders, green VC fund for Triodos Bank, final closing for Parthenon, JP Morgan cuts fund target…

Europe

Debut fund of funds for Schroders
Schroders announced the launch of a new E300m listed fund of funds vehicle to invest in venture capital and buy-out funds in Europe and the US. With E16m already secured from West Yorkshire County Council, the fund is seeking commitments from high net worth individuals and institutions. The fund will be listed on the Dublin Stock Exchange (Efinancial News 24.9.01).

ServiFund hits fund raising trail
Venture Capital Europe reported that Belgian-based ServiFund was raising a E45m fund to invest in strategic services (September 2001). The firm has previously raised funds via its friends and family network but is now hoping to lure institutional players.

New fund for Siparex Ventures
Siparex Ventures, the early-stage division of French private equity group Sigefi, launched a new E30m fund, Generation Innovation I, targeting French technology investments. It will be structured as a Fonds Commun de Placement Innovation (FCPI) - comparable to a VCT in the UK - and is open to private investors as well as institutions (AltAssets 26.9.01).

First fund for Lion Capital Partners
Lion Capital Partners launched its $75m first time fund, offering a private placement of 7.5 million shares at $10 per share, according to EFinancial News.com (19.9.01).

Biotech fund for Lilly Bioventures
Lilly Bioventures announced the launch of a $75m early stage biotechnology fund to exploit emerging or novel technologies in the biotech or biopharmaceutical field (AltAssets 21.9.01).

Capital Z sponsors Swedish fund
Exiles from Nordic investment firm Custos have announced plans to set up a new E500m fund, boosted by a E100m injection from US private equity specialists Capital Z (AltAssets 17.9.01).

EonTech secures first close
EonTech I announced the first closing of its early-stage technology fund at E10.5m. The fund will focus on computer networking, software engineering and consumer electronics opportunities in Italy, France and the UK. (Venture Capital Europe, September 2001).

Incubator fund for Greece
Venturedome reported that NBG Venture Capital and Vectis launched a 2.5bn drachma incubator fund to assist start-ups in Greece. The iVen fund will provide seed capital of up to E300,000 to finance innovative companies (21.9.01).

Delayed closing for Concord
Israeli-based Concord Venture Management announced that Concord III will now not be closed until at least the first quarter of 2002, blaming a deterioration in the security situation for a mood of caution amongst investors. The firm had originally hoped to close the fund at over $150m by the end of 2001 (TheDeal.com 7.9.01).

Triodos Bank sets up green VC fund
Triodos Bank announced the establishment of a venture capital fund to specialise in companies with green credentials. With a target of E50m, the fund will invest in companies developing and providing alternative energy, organic foods and environmental projects (Venture Capital Europe, September 2001)

TMT fund for CEA
CEA Capital Partners launched its ninth fund, CEA Private Equity Partners IX, to focus on TMT opportunities in Western Europe, specifically targeting France, Spain and Germany. With a target size of DM500m, the firm is hoping for a first closing around Christmas (PrivateEquityOnline 6.9.01).

Fund of funds for HypoVereinsbank and Frank Russell
HypoVereinsbank and Frank Russell jointly established a new fund of funds to be based in Munich. The company will launch three fund of funds vehicles to invest in venture capital and buy-out funds in Europe, the US and on a global basis (AltAssets 5.9.01).

First close for Amadeus 
Amadeus Capital partners announced a first closing at £3m of a seed fund for early-stage wireless businesses aimed at corporate investors. With a target of £10m, the fund will invest in six to eight start-up technology and service businesses in and around Cambridge (AltAssets 7.9.01).

New fund of funds for Luxembourg
SEB announced the launch of SEB private equity, a fund of funds to be based in Luxembourg. The fund will seek commitments from both institutional and private investors (AltAssets 14.9.01).

First closing for Norddeutsche
German-based Norddeutsche Vermogen made a first closing of its debut fund - Crescat Equity I - at E100m. The focus is later stage deals in Germany (Venture Capital Europe, September 2001)

Successful first closing for Abingworth
Abingworth's BioVentures III held a first closing at $165m, exceeding the original target of $150m. The fund, which is expected to hold a final closing by the end of the year, will focus on early stage life sciences opportunities in Europe and the US (Venturewire 11.9.01).
 
Debut fund for ProSeed
ProSeed Capital Holdings is looking to raise between $30m and $60m for ProSeed Life Science Ventures I. The firm - based in Belgium and Israel - is seeking commitments from European and US investors, according to Venture Capital Europe (September 2001).

US

$700m closing for Canaan Partners
Canaan Partners III closed at $700m, attracting investment from foreign and domestic investors. The fund's focus is the information technology sector, including internet infrastructure, communications, software and services (AltAssets 27.9.01).

JP Morgan cuts fund target
JP Morgan was forced to reduce the target for its new fund from $13bn to $9bn after raising just a fraction of the total amount in six months. Had it been successful, the fund would have been the largest ever raised (AltAssets 6.9.01).

Relief fund for Grimaldi and Greenhill
In the wake of the devastation wreaked by the terrorist attacks in New York, the Grimaldi Group and Greenhill Capital Partners announced a new fund to help small businesses get back on track. No official targets were set but many international players are expected to support the initiative (PrivateEquityCentral.net 21.9.01).

Final close for Parthenon
Parthenon Capital, the Boston-based private equity firm, was reported to have closed its second fund at $750m, exceeding the $600m target. Investors included the Oregon State Treasury, Michigan Department of Treasury, General Motors Corp and the University of Texas Investment Management Corp. (AltAssets 18.9.01).

AM Pappas announced final closing
PrivateEquityCentral.net reported that AM Pappas & Associates closed its latest life science fund at $102m, with commitments from First Union, Bank of America, Gatz Ventures and ITX Corporation (5.9.01).

Successful closing for IVP
California-based Institutional Venture Partners (IVP) closed its expansion stage fund at $225m. The information technology fund was oversubscribed, according to Venturewire (11.9.01).

Asia

$70m for Springboard Harper
Singapore-based Springboard Harper Investment raised US$70m for its latest venture capital fund, according to channelnewsasia.com.sg (18.9.01). Commitments were secured from the Development Bank of Singapore, MediaCorp, IBM and Silicon Valley Bank.

Start-up co-financing scheme for Singapore
The government of Singapore announced the launch of a new S$50m co-investment fund to address a funding deficiency at the start-up stage. The fund will match each dollar of seed capital raised by participating start-up companies (PrivateEquityCentral.net 18.9.01).