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Rockley launches inaugural fund

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Fund

Rockley Group, a newly established technology investment group, has launched a EUR100m vehicle as its maiden fund, named Rockley Follow-On Fund. A first close is expected at EUR50m in summer 2009. The fund will have a lifespan of eight years; possible extensions have not yet been decided. Rockley Group has set the minimum subscription at EUR7m with a management fee of 2% and a carry of 20%. Rockley itself will also contribute an undisclosed sum, which will be around 1% of the target.

Joe Pillman of Wilmer Hale provided legal advice in the UK and Simon Howard of Howard Law in Jersey. The group also plans to raise a sister fund to focus on investments in established technology companies located overseas.

Investors

The fund is targeted at institutional investors, mainly funds-of-funds which specialise in technology deals, and high-net-worth individuals from all over Europe.

Investments

Investment management will be carried out by the newly established Rockley fund managers team. The fund will invest in established, growing technology companies mainly in the UK but also in the rest of Europe, which can weather the recession and have global aspirations. It will focus on the energy, sustainability, ICT, new media, data management and healthcare sectors. The fund will make investments of between EUR5-15m per deal in the shape of expansion capital or the acquisition of shares from existing shareholders such as venture investors who want to exit a business. Rockley would prefer to take a significant stake in a business, but would also consider minority investments. The firm anticipates making approximately 10 investments over a period of three to four years and would consider investing alongside others. The majority of its deals come through a personal network. Rockley would consider trade sales as an ideal exit strategy but would also look into IPOs, should the stock markets recover.

People

Robert Rickman is the main manager of the fund. Rickman and his brother Andrew have already built 17 technology companies, which are currently in the Rockley portfolio, backed by private money.

Name: Rockley Follow-On Fund

Target: EUR100m

Focus: Expansion, technology

Contact: Robert Rickman

Address

Rockley Fund Managers

PO Box 793

Oxford

OX1 9HH

Tel: +44 1672 511 022

Fax: +44 1672 511 002

Advisers