PTV fund hits EUR150m target

01 February 2009

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Fund

Amsterdam- and Cambridge-based venture capital firm, Prime Technology Ventures (PTV), has reached the EUR150m target for its latest fund, Prime Technology Ventures III. The vehicle is approaching its hard-cap despite the difficult fundraising climate. The fund, which has a 10+2 year lifespan, was launched in summer 2007 and held its first closing in September that year. Minimum subscription was set at EUR5m with the management fees, carry and hurdle kept at industry standards. The fund size is a significant step up from the firm's previous vehicle, and is expected to hold a final close in the coming weeks.

Investors

The investor base is split 50-50 between returning investors and new investors originating in the US, the Netherlands and Europe. Commitments came from financial institutions, funds-of-funds, pension funds, and family offices. In October 2008, Philips announced its decision to become an investor in PTV's newest fund.

Investments

The vehicle will take significant minority and majority positions in technology-based companies (excluding life sciences and healthcare) across Europe, with particular emphasis on the Benelux, Nordic and UK markets. The fund is expected to carry out between 20-25 deals with investments ranging between EUR1-15m; smaller investments are also a possibility depending on the target.

In October 2008, PTV and Philips reported the spinout of five technology companies from the Philips Incubator venturing programme. Previous investments include Global Collect, Human Inference, MarketXS, Tridion and Watermark. Among the existing portfolio companies are Siennax, Nedstat, e-Buddy, Greetz, Pulsic, Silicon Hive, Civolution, amBXs, Liquavista and Sellaband.

People

With the increase in the amount of capital under management, PTV has expanded its team with two new partners: Jelto Kromwijk Smits, the former CEO of Philips Incubator; and Joost Holleman, formerly principal of fund investments at AlpInvest Partners.

Name: Prime Technology Ventures III

Target: EUR150m

January 2009

Focus: Technology

UK, Nordic, Benelux, Europe

Contact: Joost Holleman

Address: Prime Technology Ventures

Stroombaan 6-8

1181 VX Amstelveen

The Netherlands

Tel: +31 20 3300 650

Fax: +31 20 3300 651.