Wellington closes EUR265m venture capital fund

Fund

Venture capital firm Wellington Partners has closed its latest fund, Wellington Partners IV Technology, on EUR265m, surpassing its target of EUR250m in just over six months. The terms and conditions are described as industry standard. SJ Berwin provided legal advice.

Investors

Investors in WP IV Tech are pan-European institutional investors, such as Access Capital Partners, AGF Private Equity, AlpInvest Partners, European Investment Fund, Horizon21, Konig & Cie, The Wellcome Trust, von Braun & Schreiber and WEGA. In addition, Wellington Partners won various new landmark investors, including GIC Special Investments, Pantheon Ventures and Skandia Liv Asset Management. Each investor's contribution was 10% or less.

Investments

In total, this new Wellington venture fund plans to invest in approximately 25 technology companies throughout Europe in the fields of digital media and online services, software and electronics. The investor aims to invest between EUR7m and EUR10m per investment, but does not rule out smaller or larger investments. Typically, Wellington Partners will acquire between 20-40% per investment, typically taking the lead, but might co-invest with others. The VCs plan to make between seven and 10 investments per year. Exit strategies encompass both IPOs and trade sales, based on the individual case.

Initial investments include French-based travel service provider TravelHorizon, German-based solar cell specialist Heliatek and Swiss-founded chip developer Innovative Silicon.

Name

Wellington Partners IV Technology

Closed on

EUR265m

Focus

European venture, technology

Contact

Wellington Partners

Address

PO Box 730

32 Commercial Street

St Helier

Jersey

JE4 0QH

Channel Islands

Advisers

SJ Berwin (Legal).

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