
TEP seeks €100m for new fund
Time Equity Partners (TEP) has launched its second venture capital fund and is seeking to raise €100m, having already collected two thirds of its target, according to reports in the French press.
French daily Les Echos reported that TEP's parent company, Yam Invest, is committing a third of the firm's target amount. The GP is also reportedly hoping to sign up the Caisse des Dépôts et Consignations and the Commissariat Général to contribute between €20-30m to the fund between them.
The firm hopes to raise the full amount by the end of the year, Les Echos stated, and is already in contact with a number of potential LPs, namely large French companies operating in the automotive, energy and construction industries.
The new fund will reportedly invest between €5-15m per funding round in exchange for minority stakes and will therefore back no more than a dozen companies, which will be mainly located in France. Like its predecessor, TEP's new fund will focus on investments in the telecoms, internet, media and e-business sectors.
TEP's previous fund launched in February 2009 and closed on €50m, according to unquote" data. The GP's first fund was financed entirely by Yam Invest and invested in seven companies overall.
TEP was not yet available for comment or confirmation.
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