Viking Venture III reaches NOK 530m first close

01 April 2008

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Fund

Viking Venture has held a first close of its new fund, Viking Venture III, on NOK 530m. The hard cap of the vehicle is NOK 750m. The fund employs a 10+1+1 structure and has a four-year investment period. Viking Venture III follows Viking Venture II which closed on NOK 360m and is now fully invested in 11 companies.

Schjodt assisted with legal advice for the fund.

Investors

Investors in the fund include Argentum which invested NOK 75m; Formuesforvaltning, Gjensidige Forsikring, Jebsen Asset Management, DnB Nor, Sparebanken Midt-Norge, and private investors based in Trondheim and Oslo. The minimum subscription was set at NOK 5m and GP contribution totalled NOK 7.5m.

Investments

The vehicle is looking to make investments in early-stage technology companies within ICT, oil and gas, and materials and cleantech for up to NOK 75m per transaction or a maximum of 15% of the fund in one single investment. The fund will make investments from NOK 500,000 to NOK 40m in a first round of investing. The vehicle will make 10 to 15 investments during its lifespan.

People

Managing partner Erik Hagen leads the team of five investment professionals who will be responsible for managing the fund.

Name: Viking Venture III

Target: NOK 525m

Closed on: NOK 530m

Focus: Early-stage

Contact: Erik Hagen

Address: Viking Venture AS, Beddingen 8, 7014 Trondheim, Norway

Tel: +47 73 60 01 90

Fax: +47 73 60 01 95

Advisers: Schjodt (Legal).