Serena Capital announces second fund on €100m

Serena II has a €125m hard-cap.

Investments
The vehicle will back 15-18 companies with investments of €4-8m. The firm will continue to focus on technology companies in France and western Europe.

Portfolio companies in the previous fund include online retailer Worldstores, business process management solutions provider BonitaSoft and online restaurant reservation service Lafourchette.

Investors
Around 90% of investors in the previous vehicle re-upped, founding partner Marc Fournier told unquote". The remaining €25m of allocations will be sourced from new investors. 

A final close is expected in the next few months, Fournier said. This first close took just three months to reach. 

LPs in the previous fund included Caille – the holding company of Marie-Jeanne Meyer, the former director general of Louis Drefus – as a cornerstone investor. A number of family offices also invested, bringing 30% of the total sum. A further 10% of the total investment was brought by private individuals, primarily entrepreneurs. The remaining 60% was brought by a number of French institutional funds such as two branches of Société Générale as well as La Caisse des Depots.

The European Investment Fund invested in the first fund as did two large US investors, one a west-coast university's endowment fund, the other Arizona-based private equity house Launch Equity Partners.

People
Serena was founded by Marc Fournier, Philippe Hayat and Xavier Lorphelin. All of the founders previously worked at Société Générale Asset Management (SGAM) before leaving in order to launch Serena.

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