Target Global holds first close for €100m VC fund

The GP expects to hold a final close for the vehicle in the first quarter of 2018. It will be targeting technology companies primarily in Germany and Israel.

The fund will be managed primarily from the Berlin office, with support from Tel Aviv. Target sees the cities as two of the most important ecosystems in the global tech world.

The fund has a seven-year lifespan with three optional one-year extensions, to a maximum of 10 years.

The GP is targeting an IRR of 50%, according to a source close to the situation.

Investors
The fund has an LP base that includes family offices, large institutional investors and some business angels and entrepreneurs from Europe, Israel and the US. It will offer co-investment opportunities to all its investors.

Investments
Target will invest in seed and series-A rounds for around 20 companies. It will target companies across the EU with a focus on Germany as well as Israel. All its portfolio companies will have a technology focus but this will vary from consumer software to insurtech, regulatory technology and fintech.

The fund has already made three investments, including a seed investment for HR management platform Heaven HR.

People
Target Global – Yaron Valler, Shmuel Chafets, Alexander Frolov, Mike Lobanov (fund managers).

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