Maiden closures

Two new early-stage players, Newfund Private Equity and Serena Capital, have staged a first close of their respective maiden funds.

Serena held a EUR90m first close of its EUR125m early-stage and expansion fund with a final close expected before the end of 2008. Serena Capital was founded by Marc Fournier, Philippe Hayat and Xavier Lorphelin. All of the founders previously worked at Societe Generale Asset Management before leaving in order to launch Serena Capital.

Meanwhile Newfund, created in 2007 by Francois Veron and Patrick Malka, has held the first close of its maiden fund Newfund 1 on EUR63m. Newfund 1 is expected to gather EUR80m with a hard cap of EUR100m. Both funds will be focused on small companies and their expansion - a subject which will be put under the microscope in this issue (page 14).

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