SET Ventures Raises Fund closes third fund on €100m

Launched in Q1 2019, the vehicle hit its hard-cap of €100m. The fund's predecessor, SET Fund II, held a first close on €60m in 2015 and held a final close in 2017 on an undisclosed sum.

The fund is significantly larger than its predecessor, SET Fund II, which closed on €60m in 2015, a spokesperson for SET has confirmed. 

SET's latest fund charges a 2% management fee and 20% carry after a 5% hurdle, Unquote understands. The fund is expected to generate an IRR of 20%. 

Investors
Corporates, family offices, development agencies and institutional investors that have backed the fund, including the European Investment Fund, Korys, PTT Group Thailand, Shell Ventures, BNP Paribas, Energiiq, Sitra, and BOM Brabant Ventures, according to a press release announcing the fund launch. 

Excluding high-net-worth individuals backing the fund, the vehicle has 15 LPs, based mostly in Benelux, but also elsewhere in Europe and in Asia. 

Investments 
SET will continue to invest in European early-growth-stage companies operating withing the fields of renewable generation, smart energy distribution, and storage and promotion of efficient energy use.

SET Fund III provides initial tickets in the €2–4m range and up to €10m over the lifetime of the portfolio company. 

The fund is already invested in Swiss technology company DEPsys, UK-based specialist Minibems and Netherlands-based energy transition software provider FlexiDAO.

The VC's track-record includes the sale of Munich-based Sonnen and London-based Limejump, both acquired by Shell in February. 

People
SET Ventures – René Savelsberg, Wouter Jonk, Anton Arts (managing partners).

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