Trill Impact heads for first close of VC fund at year-end

Trill Impact Ventures has amassed soft commitments amounting to around half the volume of its EUR 300m target, the source said.

Trill Impact declined to comment on the information.

The GP registered the fund in March 2022, as reported. The filing coincided with the firm’s announcement that it had hired Alpina Partners’ Alex Domin as partner co-head of venture. Partner Nina Rawal also co-heads the venture strategy, having joined Trill in 2021.

The fund is expected to deploy equity tickets starting at EUR 10m and to make 20-25 investments, the source added. Up to 65% of the fund’s total volume can be used for new investments, with the remainder reserved for follow-ons, the source added.

According to the GP’s website, its venture strategy will invest in line with three investment themes: green tech, including clean energy and smart mobility; life sciences, comprising investments in areas including vaccines, diagnostics and digital health; and “impact enablers”, incorporating technology that enables impact at scale across all sectors, including through the reduction of emissions, resource consumption, waste or costs.

The fund’s first investment was Sweden-based Cinclus Pharma, a biopharmaceutical company that develops treatments for severe stomach acid-related disorders. The GP led a SEK 240m (EUR 19m) funding round for the business in May 2022.

In addition to its venture strategy, the GP manages a 2020-vintage, EUR 900m buyout fund, with Nordea as its anchor investor.

Earlier this month, the firm announced the hiring of Nina Hoffmann von Holten from IK Partners for its buyout investment team, as reported. Hoffman von Holten’s appointment is expected to bolster the firm’s presence in Denmark.

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