Adara launches second fund

The SEC filing states that the fund, Adara Ventures II SCA, SICAR, is domiciled in Luxembourg and is seeking to raise $40m (€30m).

The minimum investment in the fund accepted from an outside investor has been capped at $167,328 (€125,300), according to the SEC filing.

Luxembourg- and Spain-based Adara closed its previous fund, the Luxembourg-domiciled Adara Ventures, in August 2006 on €50m. According to unquote" data, the fund was launched in February 2003 and held its first close on €40m in August 2005.

The GP's maiden fund received commitments from the European Investment Fund, Fonditel, Energías de Portugal and Latin American bank Banistmo. Institutional investors made up 63% of total commitments for the fund, while private investors accounted for 37%.

Adara's first fund was focused on investing early-stage capital in technology companies predominantly in Spain.

Adara was not yet available for comment.

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• Topics
• Fundraising
• Venture
• Benelux
• Adara Venture Partners
• Luxembourg