Neveq targets €27m for third fund

It will hold a first and final close in June this year, and any capital raised after that will be structured as co-investment.

The vehicle's predecessor, Neveq II, held a final close on €20.3m in 2014 and is now fully invested.

Neveq III will have a 10-year life, five-year investment period and standard terms, except for a slightly lower management fee of less than 2%.

Investors
Bulgarian investor Fund of Funds was set up by Fund Manager of Financial Instruments in Bulgaria in conjunction with the European Structural Investment Funds to invest BGN 1bn in the Bulgarian economy. The vehicle acted as cornerstone investor in Neveq III, replacing the European Investment Fund, which backed Neveq II.

The remainder of commitments will be made by private investors.

Investments
The new fund has a maximum ticket size of €1m, which is understood to be a restriction imposed by the cornerstone investor.

It will invest in technology companies with a presence in Bulgaria. Neveq has strategically partnered with Unicredit and will therefore invest a large portion of the fund into financial technology. Other areas of focus will include artificial intelligence and blockchain.

People
Neveq Capital Partners – Zlatolina Mukova (partner).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Funds
• Venture
• Technology
• CEE
• Bulgaria
• Venture