Accel closes third European fund on $525m

22 January 2009

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Fund

Accel Partners has closed Accel London III, its third vehicle dedicated to venture capital investments in Europe and Israel, on $525m, just two months after its launch. The fund has an 11-year lifespan. Legal advice was provided by Richard Hesp of Gunderson Dettmar.

Investors

Accel London III attracted commitments from a wide range of institutional investors, including funds-of-funds, pension funds, charitable foundations, endowments and family offices. The majority of investors come from the firm's existing investor base and are primarily based in the US and Europe. Accel made an undisclosed contribution to the fund.

Investments

The vehicle will continue the strategy of its predecessors, targeting both early-stage and growth businesses in Europe and Israel that operate within the information technology, internet, software, media and communications sectors. The typical investment size will be around $15m, for which the fund will seek to acquire a significant minority stake in the target business, as well as board representation. Co-investments are actively pursued. The firm is currently still making final investments from its previous fund, and expects to begin investing from the new vehicle some time in early 2009.

People

The fund will be managed by the six partners based in Accel's London office: Kevin Comolli, Sonali De Rycker, Bruce Golden, Harry Nelis, Simon Levene and Kaj-Erik Relander. The extended investment team contains 10 professionals.

Name: Accel London III

Closed on: $525m

Focus: Early-stage technology; Europe and Israel

Contact: Kevin Comolli

Address: 16 St. James's Street, London, SW1A 1ER, United Kingdom

Tel: +44 (0)20 7170 1000

Fax: +44 (0)20 7170 1099

Advisers

Gunderson Dettmar (Legal).