Hasso Plattner Ventures puts end to LP funds

The venture capital firm, which was founded in 2005, will no longer look to raise a fund from limited partners. According to a statement, it will conduct direct investments from German billionaire and co-founder of SAP software company Hasso Plattner. He is estimated to have a personal fortune of €7.5bn.

The VC stated its three funds, HPV I, HPV II and HPV Africa are nearing the end of their lifespans and it wanted to communicate to interested parties that no more funds would be raised.

Plattner himself committed around 80-85% of the original funds alongside LPs.

When speaking to unquote", HPV managing director Yair Reem cited the structure and timeframe of a fund as limiting to investments. Investing directly would be better for both the venture firm and their portfolio companies, which may require longer-term investment than the typical venture capital fund structure allows, the VC explained.

The company completed six investments this year from its second fund, including participation in Delivery Hero's $85m series-F round in April. HPV first invested in the company in 2012.

Online cruise trip portal Dreamlines closed its €20m series-C round earlier this month, which saw HPV reinvest. It had originally led the company's series-A.

New investments will focus on seed-stage companies in the vicinity of its Potsdam and Cape Town offices, and growth companies with more than €10m in revenue in Europe, Africa and the US. HPV sources deals from its network and partners and says it is still open to co-investment. It is understood the investment team will remain unchanged.

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