Target Partners make first closing of EUR61.5m

01 March 2008

Tweet
Facebook
LinkedIn
Google plus
Send to

Fund

Target Partners, a Munich-based venture capital firm, announced the first closing of its new fund, Target Partners Fund II, at EUR61.5m. Target Partners Fund II is based in Germany, has a target size of EUR120m and a lifespan of 10 years, with extensions possible. The predecessor, Target Partners Fund I at EUR112m, has invested in 17 companies and exited five since 2000. Palomar Private Equity acts as a placing agent, SJ Berwin provides legal advice.

The minimum subscription is EUR5m, with terms and conditions described as industry standard. The reserve policy for new investments and follow-on rounds is described as conservative.

Investors

Private individuals, family offices and institutional investors made commitments, including Morgan Stanley, LGT Capital Partners, Bayerische Beamten Lebensversicherung aG, RWB RenditeWertBeteiligungen AG and CS Strategic Partners. Investors are based in Europe and the US.

Investments

The fund will invest in young technology companies with 'home run' potential for the fund. The fund will mainly invest in early-stage companies from the German-speaking countries, with sectors including IT, communications, internet, media and cleantech. The fund typically makes four to five investments per year, of about EUR2-4m in the first rounds. Total investments per company will be in the EUR6-7m range, but the fund can invest more, depending on opportunity. In most cases, the fund will acquire minority stakes and co-invest with other venture capitalists. Exit routes comprise both IPOs and trade sales and the proceeds can be partially reinvested.

People

The fund is managed by the three partners Waldemar Jantz, Dr Berthold von Freyberg and Kurt Muller. Three venture partners and one investment professional complete the team.

Name: Target Partners Fund II

Target: EUR120m

Focus: DACH, early-stage

Contact: Kurt Muller

Address:

Kardinal-Faulhaber-Str 10

80333 Munchen

www.targetpartners.de

Tel: +49 89-20 70 49-0

Fax: +49 89-20 70 49-99

Advisers: Palomar Private Equity (Placing agent); SJ Berwin (Legal).