Alven Capital V closes on €250m hard-cap

The fund, which closed 25% above its original target, has more than doubled in size compared to the previous generation, Alven Capital IV, which received €120m in commitments in 2013. Alven Capital IV has to date completed seven exits with a return on realised investments of 5x the invested capital.

Triago acted as placement agent for the fundraising. The vehicle marks Alven's shortest fundraising timeline yet, as it was on the road for eight months for its fund III and nine for fund IV.

Investors
Around 80% of the vehicle's capital was raised from European institutional investors, with the balance sourced from European, North American and Asian family offices and tech entrepreneurs. All prior fund LPs re-upped on this occasion.

Alven funds typically have an international LP base, with non-French investors having accounted for nearly half of Alven IV's LPs. Investors in previous generations of the fund have included CNP Assurances, the European Investment Fund, CDC Entreprises and the West Midlands Pension Fund.

Investments
Alven's venture funds mostly focus on early-stage investments in the French tech sector, investing €1-5m equity tickets.

Alven claims it has backed more than 100 startups since inception. Previous investments include big-data-based customer relationship manager Webhelp, online train booking service CaptainTrain (sold to KKR-backed Trainline earlier this year), and peer-to-peer car rental service Drivy. Other early-stage investments by the firm included tech startups Algolia, Dataiku and Peopledoc.

People
Alven Capital – Charles Letourneur, Guillaume Aubin (co-founders).

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• Alven Capital
• France