Siemens hits $100m for venture fund-of-funds

10 March 2009

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Siemens has launched Siemens Global Innovation Partners I GmbH & Co. KG (SGIP I) fund-of-funds. Siemens Venture Capital GmbH (SVC), the central corporate venture capital organisation of Siemens, is SGIP I's general partner. The fund has secured nearly half of its target volume and hard cap of $200m in its first closing in January 2009. It is located in Munich, Germany, and advice was provided in-house.

Investors

Investors include the German Siemens pension funds and two European insurers. The fund is approaching various institutional investors on a case-by-case basis to raise the remaining capital but will also act opportunistically. Investors subscribe to at least USD 5m. The GP contributes 1% of the total capital.

Investments

SGIP I will invest in venture capital funds worldwide as well as select growth capital funds. About two-thirds of the fund will be invested in venture capital funds and select growth capital funds in North America. Venture capital investments and select growth capital investments in Europe, Israel and Asia will make up the rest. The target portfolio will include about 20 funds.

People

Doris Blasel is Investment Partner at Siemens Venture Capital and main manager.