Binnie targets Spain with Euro75m enabling technology fund

As we go to press it has been reported that Stewart Binnie, former head of Schroder Finance Partners, has launched ForTrust I, a Euro75m vehicle targeting enabling technologies in the financial services, healthcare and energy sectors. It is understood that up to two-thirds of the fund will be invested in Spain, with the balance expected to support opportunities in the UK and France. The new vehicle will focus in particular on expansion financing deals in the software, middleware and communications sectors. Deutsche Bank has supported the new venture with a Euro2.5m commitment, which covered the fund’s initial costs and enabled the vehicle to hold its first close in November 2001. Fundraising will continue until October by which time the management expects to have raised Euro50-75m. ForTrust is represented by Nicolas Goulet and Roberto Saint-Malo in London and Madrid. Further details will be published in the next edition of the journal.

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• Southern Europe
• Healthcare