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Audur Capital launches venture fund with Bjork

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Fund

Audur Capital has launched a new venture fund that will invest in early-stage businesses in Iceland. The fund has a life span of 10+2+2 and targets commitments of ISK 1.5bn. The fund is named after one of its backers, Icelandic pop star Bjork.

Investors

Fundraising has not started yet, but Audur Capital has committed ISK 100m. In addition to traditional institutional investors such as pension funds and endowments, the fund has received interest from high-net-worth individuals looking to invest in the Bjork fund. Minimum subscriptions are set at ISK 25m, and a first close is expected in March 2009. Audur will not use a placement agent and has an in-house legal team.

Investments

The fund will invest in early-stage companies in Iceland. Commitments will be a minimum of ISK 20m per transaction, and preferably higher. Audur is looking to take equity stakes of 30-50%. Holding periods will vary from five to 10 years, and is expected to average six to seven years. Potential exit strategies include SBOs, including sales to Audur Capital's first fund, and in some cases, MBOs.

A key objective for the fund is to contribute to the recovery of the Icelandic economy. The fund will only invest in companies that can prove they are socially, environmentally and financially sustainable. Particularly, Bjork will target companies involved in new idea creation with a strong focus on building knowledge-driven businesses.

Audur's previous vehicle, Audur Capital I, invests in growth businesses with a three to five year history that are owned or run by women. Some 20 investors, including Icelandic pension funds, organizational and private investors, subscribed to the EUR30m fund.

People

The Bjork fund is part of Audur Capital's private equity business, which is headed by Arna Hardardottier. Baldur Mar Helgason is the main manager of the venture fund.

Name: Bjork

Closed on: FA

Focus: Early-stage, Iceland

Contact: Arna Hardardottir, head of private equity business

Address: Laugavegur 182, 105 Reykjavik

Tel +354 585 6500.