NewAlpha closes first VC fund with €56m

Alice Tchernookova
27 June 2017

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NewAlpha Asset Management has held a final close for its first venture capital fund, focused on the fintech sector, with €56m in commitments.

NewAlpha said it was it was able to hold an anticipated final close thanks to a capital injection of €15m provided by BPI France's French Tech Acceleration fund.

Financed by the Investments for the Future Programme (PIA), the French Tech Acceleration fund was created in 2014 as part of the French Tech Initiative and has an investment capacity of €200m to be used over five years. The fund invests in private acceleration structures, such as accelerators and incubators, with around €70m having been deployed through 10 investments so far.

NewAlpha claims that its €56m vehicle is the first fully dedicated to the fintech sector in France. A subsidiary of asset manager La Française Group, NewAlpha reports having deployed around €700m through 28 investments since 2012.

Investors
Aside from the €15m committed by BPI, NewAlpha's fund received support from a variety of banks, insurers and pension funds.

Investments
The vehicle will aim to build a diversified portfolio in the fields of fintech and insurtech, looking at technological changes affecting the banking, insurance and asset management sectors.

NewAlpha will provide seed and early-stage rounds to French and European startups. The GP has already supported Heoh, iTrust, Unilend, Lydia, TrackInsight and most recently Wikifolio, acting as lead investors in all these deals.

People
NewAlpha – Lior Dergy (director of private equity); Antoine Rolland (CEO).