Capricorn holds EUR100m final close of third fund

01 June 2008

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Fund

Capricorn Venture Partners has held the final close of its third fund, Capricorn Cleantech Fund, on EUR100m, surpassing its initial EUR50-75m target. Its first close took place in November 2006. The fund has a lifespan of 10 years starting from November 2006, with the usual extension provisions. No placement agents were used, although Capricorn worked with some agents who introduced it on various markets.

Capricorn's first two funds, Capricorn Venture I and II, both invested in ICT, life sciences and advanced material ventures in Western Europe and the US.

Investors

Minimum subscription was set at EUR5m. However, a feeder fund was created for individuals with a minimum subscriptions set at EUR100,000. For existing investors the board could waive the minimum subscription requirement.

Investors are all from Europe and approximately 50% of them have invested in Capricorn's previous funds. The Flemish Government investment company PMV, insurer Ethias and a Dutch pension fund have increased their participation since the first close.

The fund's base is split between institutional, corporate and private investors. Institutional investors include the European Investment Fund and PMV, which both committed EUR15m. Insurer Ethias provided EUR5m and a Dutch pension fund EUR10m. Corporate investors included Belgian chemical and pharmaceutical group Solvay, which committed EUR10m, Electrabel/Suez with EUR12m and MRBB with EUR5m. There are around 20 individual investors.

Investments

The fund will invest in early- to mid-stage venture deals, including series-A or B funding, in the field of renewable energy and energy efficiency, water purification and re-use, bio-based material conversion and biorefinery platforms, clean air, climate change, green chemistry and advanced materials, materials recovery and recycling. It plans to make around 20 investments, with a minimum of EUR2m per investment.

Capricorn Cleantech Fund has already completed three investments: Belgian company SBAE Industries; Dutch firm fluXXion, which designs, assembles and sells leading micro-filtration products; and Neosens, a French designer and distributor of sensor solutions for the detection of biofilm, scale and dissolved oxygen in industrial process applications.

People

The fund will be managed by a team of 4 partners, with Jos B Peeters as Managing Partner and Paul Decraemer, who joined Capricorn Venture Partners from Sustainable Energy Ventures as head of the investment team. Marc Lambrechts and Claude Stoufs have both been at Capricorn for several years. Steven Levecke joined the investment team in 2007 as an associate. Three more people will be recruited in the coming months.

Name: Capricorn Cleantech Fund

Close: EUR100m

Contact

Jos B Peeters

Address

De Jonge St Jabob

Lei 19/1

B-3000 Leuven

Belgium

Tel: +32 16 28 41 00

Fax: +32 16 28 41 08

jos@capricorn.be