UVC Partners holds final close on €82m

Overall demand was close to €100m, meaning several LPs had their ticket sizes restricted and some missed out entirely, Unquote understands.

The vehicle was originally launched in September 2016 with a hard-cap of €60m, but this was raised to €80m at the time of the first close and then raised again before the final close. It held its first close on €34m in January 2017.

Since the first close, the fund has made five initial investments (Vimcar, Shyftplan, Blickfeld, 3YourMind and Fazua) and is approximately 10% invested. It expects to back 15-20 companies in total.

The firm has also rebranded from UnternehmerTUM to UVC Partners to highlight its independence from the UnternehmerTUM network since spinning out. However, it still has a close relationship with the innovation and business centre and will use it to source proprietary deals.

Its first fund, UnterneherTUM-Fonds, held a final close on €25m in August 2013. The fund's most successful investments include car sharing service CarJump, which was sold to PSA Group's Free2Move in 2017, and long distance bus travel network Flixbus, which was backed by US-based private equity firm Silver Lake in December 2016.

Both vehicles are registered as German KG structures and the latest vehicle was structured by law firm P+P Pöllath + Partner.

Investors
The vehicle's LP base comprises German institutions, family offices and high-net-worth individuals, including the European Investment Fund, the Max Planck Foundation and the state-owned KfW bank. The GP also made a small commitment.

Investments
The vehicle will invest in seed and series-A funding rounds for companies in German-speaking countries across the areas of industrial technology, enterprise software and mobility. It will initially invest between €500,000-3m, with a maximum amount of €12m available per company.

People
UVC Partners – Benjamin Erhart, Johannes von Barries, Andreas Unseld, Ingo Potthof, Helmut Schönenberger (partners).

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