Convergent Capital - EUR 60m target on ICT sector fund

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Convergent Capital is a new venture capital fund manager which received the approval of the COB in March 2001 and held a EUR 20m first close on its debut FCPR, Convergent Technologies, in April 2001. The vehicle has a EUR 60m target, which was revised down from EUR 100m, and has so far been raised from business angels, industrial groups and public entities. The fund focuses on early-stage investments in the high-growth segments of the information and communication technology (ICT) sector, including core components and equipment, as well as infrastructure and enabling software, in France, Europe and opportunistically in Israel and North America. But at least 70% of the fund will be invested in Europe. The average investment size per company is EUR 2-6m in successive rounds (depending on the final size of the fund) and Convergent Capital will not commit more than 10% of its resources to one single investment. The firm has already made its first investments, including a participation in the third round of funding for Akazi technologies. Convergent Capital is headed up by Armand Sibony, who founded the firm along with Allain Meller and Philippe Bellefonds.