Practica targets close on €40-50m in 2019

Practica Venture Capital II held a first close on €22m in December 2018 with a €15m commitment from Lithuanian government agency Invega.

The vehicle has set its target at €40m with a €50m hard-cap and expects to hold rolling closes prior to the final close.

Practica has two previous funds, both launched in 2012. Practica Seed Capital Fund closed on €16m and Practica Venture Capital Funds collected €16m. Both are now fully invested.

The new vehicle has a 10-year life with a possible two-year extension and a five-year investment period. Cobalt provided legal advice.

Investors
The GP is targeting primarily Baltic and Nordic institutional LPs as well as some investors from elsewhere in Europe.

Investments
Practica will make 20-30 investments from the new fund, targeting Baltic technology-driven startups. It will invest between €200,000-2m, with a maximum of €4m available per company, assuming the €40m target is met.

People
Practica Capital – Silvestras Tamutis (partner).

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