ProVen Private Equity and CIM form strategic alliance

ProVen Private Equity has acquired a 23% equity stake in Creative Industries Management, a fund management firm established to raise and manage the Venture Fund for Creative Industries (VFCI), which will target growth companies in the media, entertainment, sports and arts industries in Northern Europe. Additionally, ProVen has made a cornerstone investment in VFCI, and CIM has invested in ProVen’s Global Rights II fund. ProVen and CIM have entered into an operating agreement to share investment opportunities and joint promotion between their respective funds. The link-up will enable the institutions’ respective investors to gain access to a wider geographic remit, with CIM gaining access to ProVen’s dealflow in the US, Europe and the Middle East and ProVen acquiring a window on Scandinavian investment opportunities. ProVen and CIM will co-invest in deals sourced by each respective team, generally making commitments in the Euro 1-6m range.

Helsinki-based CIM launched VFCI in 2000 with a target of Euro 50m. The fund has been marketed to institutions across Europe and held a first closing on Euro 26m in January 2001. The European Investment Fund has signed a commitment to invest up to Euro 16.5m in the vehicle, which is understood to be the first investment made by the EIF in a fund dedicated to the media sector. ProVen manages capital from its two Global Rights Funds, ProVen VCT, Guinness Flight VCT and its recently launched Media VCT. ProVen’s Global Rights Fund II held a first closing on $70m last year. Gordon Power is responsible for the fundraising programme and the initiation of the link-up with CIM. VFCI and ProVen’s Global Rights Funds have complementary investment remits targeting companies with Intellectual Property Rights for a variety of distribution channels and media. The ProVen/CIM alliance will enable investee companies to gain access to international distribution channels.

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