Acton closes Heureka Growth Fund on EUR125m

01 September 2009

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Fund

Acton Capital Partners has held a second closing of its Heureka Growth Fund on EUR125m. Fundraising started in April 2008 and a first closing was held in the same month on EUR80m. The fund plans to raise EUR150m in total and has a lifespan of 10 years from final closing, with a maximum extension of two years. Based in Germany, the fund is structured as a limited partnership under German law (Acton GmbH & Co Heureka KG). Terms and conditions are undisclosed but are in line with the rest of the market. The fund was structured by Dr Andreas Rodin of P+P Pollath & Partners. No placement agents were used.

In addition to the Heureka Growth Fund, Acton Capital Partners manages the Burda Digital Ventures Fund, which was launched in 1999. Hubert Burda Media is the sole investor in this fund, which is now closed to investment in new ventures, but has capital in reserve for existing companies should they require it.

Investors

German media group Hubert Burda Media and the European Investment Fund (EIF) are the cornerstone investors, but do not enjoy any specific rights or privileges compared to the others. The remaining investors are global institutional investors and entrepreneurs.

Investments

Acton focuses on the sectors of media, market places/exchanges and e-commerce and exclusively invests in consumer-facing businesses enabled by internet and mobile technology. The Heureka Growth Fund invests in growth and later-stage businesses. The fund will invest more than 70% in the European Union, as well as Switzerland, and a maximum of 30% in other countries, such as the US and Canada, on a selective basis. Acton plans to make two to four investments per year and will invest a maximum of 15% of the total fund per individual investment. Typically, Acton will take the lead, but can invest in consortiums as well.

So far, Acton has invested in Glasses Direct, a UK-based online prescription glasses retailer (unquote", 5 May 2009, page 44).

Acton foresees exiting companies via IPOs or trade sales. The team's track record includes: Alando, acquired by Ebay in 1999; Ciao, acquired by Greenfield Online in 2005; Holidaycheck, acquired by Tomorrow Focus AG in 2006; OnVista, IPO in 1999 and acquired by Boursorama in 2007; AbeBooks, acquired by Amazon in 2008; and Zooplus.de, IPO in 2008.

People

Dr Christoph Braun, Dr Paul-Bernhard Kallen, Dr Jan-Gisbert Schultze and Frank Seehaus are the four general partners at Acton, and are supported by a team of five investment professionals.

Name: Heureka Growth Fund

Target: EUR150m

Second close: EUR125m

July 2009

Focus: Internet- and mobile-based media, market places and commerce, growth, Europe

Contact: Dr Jan-Gisbert Schultze

Address: Acton Capital Partners, Widenmayerstr. 29, 80538 Munich, Germany

Tel: +49 (89) 24 21 88 70

Fax:+49 (89) 24 21 88 759

Advisers: P+P Pollath + Partners (Legal).