Serena Capital holds first close of maiden fund

Fund

Serena Capital has held a EUR90m first close of its maiden fund. The new fund has a target of EUR125m with a EUR150m hard cap and is expected to hold its final closure before the end of 2008.

Serena Capital was founded by Marc Fournier, Philippe Hayat and Xavier Lorphelin. All of the founders previously worked at Societe Generale Asset Management before leaving in order to launch Serena Capital. Serena was initially supposed to be an affiliate of Societe Generale. However, the financial climate resulted in the partners choosing to be fully independent. The three partners are originally entrepreneurs who have between them founded a number of companies including Kangaroo Village, which was acquired by SGAM.

Investors

Caille, the holding company of Marie-Jeanne Meyer, former director general of Louis Drefus, has invested in the fund as a cornerstone investor. Including Caille, a number of family offices also invested, bringing 30% of the total sum. Private individuals, primarily entrepreneurs, brought a further 10% of the total investment. The remaining 60% was brought by a number of French institutional funds such as two branches of Societe Generale as well as La Caisse des Depots.

On the European front, the European Investment Fund invested in the fund via their Competitiveness and Innovation Framework Programme. The fund also included two large US investors, one a west coast university's endowment fund, the other Arizona-based private equity house Launch Equity Partners. No placement agent was used.

Investments

Serena will focus on investing the fund in early-growth, technology-driven companies mostly in France and in western Europe, allocating EUR1-4m per investment with the top end investment being around EUR8m. The firm will seek to make 15-20 investments over the next four years. Co-investments as lead or co-lead investor remain an option for Serena. The investor will make A-C round investments in companies at the executions stage while omitting life sciences companies and the like that are at an R&D stage.

People

Marc Fournier, Philippe Hayat and Xavier Lorphelin, Serena's partners, will manage the fund. Oliver Dumas and Daniel Schmitt provided legal advice to the fund on behalf of Proskauer Rose. Stephane de Lassus and Igor Doumenc also provided legal advice on behalf of Sarrau Thomas Couderc.

Name: Serena Capital

Target: EUR125m

Closed on: EUR90m

Focus: Early-stage, Expansion

Contact: Marc Fournier

Address: 251 Boulevard Pereire

75017 Paris

Tel: +33 1 56 60 30 45

Fax: +33 1 56 60 30 53

Advisers: Proskauer Rose (Legal)

Sarrau Thomas Couderc (Legal).

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