Nexit Ventures holds first close on EUR50m

Fund

Nexit Ventures has held a first close of its new wireless and mobile opportunities fund, Nexit Infocom II LP, on EUR50m. The vehicle's target is to attract commitments of EUR100m+.

The fund employs an 8+1+1 structure and the terms and conditions are described as industry standard. It is based in Guernsey.

Investors

The range of investors include pension funds, funds-of-funds, insurance companies and banks. The largest are Finnish Industry Investment, Sampo Life, CIR (Italy) and a number of private investors from several countries. The GP also made a significant contribution to the fund.

Investments

The vehicle will make investments in early-stage and growth-stage mobile and wireless technology and services companies, primarily in the Nordic countries, but also in the US. Initial investment size will typically range from EUR1-5m, with up to EUR10m deployed to one company over the investment lifetime. The fund is looking to make five investments per year during a five-year investment period.

The fund has already made one investment in Axel Technologies (March 2008, page 28), and the pipeline of deals is described as healthy.

People

The founders and general partners of Nexit Ventures are Artturi Tarjanne and Pekka Salonoja, both based in Finland; and Michel Wendell, at the Silicon Valley office. The rest of the team consists of Stockholm-based Michael Mandahl, and Partice Peyret and David Aslin, both based in Silicon Valley.

Name: Nexit Infocom II LP

Target: EUR100m+

Closed on: EUR50m

Focus: Early-stage, expansion

Contact: Michel Wendell

Address: Nexit Ventures Oy, Kaisaniemenkatu 2 b, FI-00100 Helsinki, Finland

Tel: +358 9 6818 910

Fax: +358 9 6818 9117.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Venture
• Nordics