Idinvest holds €350m final close for Digital Fund III

The vehicle is more than twice the size of its predecessor, Digital Fund II, which closed on €154m in 2015.

Fundraising for the vehicle started in the summer of 2017. When a first close on €180m was held in April 2018, Unquote reported that Idinvest had partially put its fundraising efforts on hold as the merger with Eurazeo was being arranged towards the end of 2017 and early 2018. When the first close took place, a final close for the fund was expected by the end of 2018. 

The terms of the fund will be 2% fees, 7% hurdle and 20% carried interest, Unquote understands. 

No placement agent was used for the fundraise. 

Digital Fund III is managed by a team of nine investors.

Investors
Idinvest Digital Fund III is backed by institutional investors (banks, insurance companies, pension funds), corporates and family offices had made commitments to the vehicle at the time of the first close. 

A number of previous and new European LPs, as well as new international investors, invested in the fund. Unquote has learned that sovereign funds and pension funds from the Middle East and North America, as well as insurance companies from Korea, have made commitments to an Idinvest digital vehicle for the first time. 

Investments
Idinvest's latest digital-focused fund will complete 20-30 VC investments, mostly as part of series-A and B rounds, and opportunistically in seed investments and series-C or later growth stages. It should provide tickets in the €3-10m range. 

Idinvest is planning to invest 80% of the fund in Europe and 20% in the US and Asia. 

To date, €85m has already been invested across 15 businesses, including Acinq, Kactus, October, Malt Community, Ornikar, Meero and TeleClinic. Some of the sectors the fund backs include business software, financial and insurance technology, arttificial intelligence, big data, virtual reality, Internet-of-Things, cybersecurity and digital health.

People
Idinvest Partners – Benoist Grossmann, Matthieu Baret (managing partners).

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