Galdana hits €250m hard-cap for VC fund-of-funds

Amedeo Goria
07 June 2016

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Barcelona-based Galdana Ventures has held a final closing on the €250m hard-cap for its first dedicated VC fund-of-funds, Galdana Ventures I.

Launched in 2015, the fund-of-funds exceeded its €150m target after 14 months of fundraising. According to press reports, the GP aims to enables institutional and private investors from Spain and Latin America to access venture capital funds on a global scale.

The vehicle targets venture capital funds, mainly focused on early- and growth stage businesses operating in the internet, mobility and telecommunication sectors.

According to a statement, the fund-of-funds is looking to invest a further €150m in 14 venture capital funds based in the US, China, Germay, the UK, Switzerland, Scandinavia and Israel, but does not intend to invest in Spain.

The GP was founded through a partnership between former Spanish venture capital firm Nauta Capital representatives, Marcel Rafart and Javier Rubió, alongside compatriot financial investor Altmar Capital Partners, which focuses mainly on private equity, real estate and private debt assets. Currently, Altmar manages €2.5bn through its funds.

Investors
According to press reports, the fund-of-funds has received 98% of the contributions from investors based in Spain, while the remaining commitments came from Latin America-based LPs. Investors include pension funds, insurance companies, family offices, high-net-worth individuals.

Investments
The vehicle has already backed four venture capital funds, according to unquote" data. It expects to make a total of 16-20 investments in venture capital funds sized between €200-500m with some exceptional investments in vehicles targeting €2bn, according to reports.

The GP targets a 5% capital commitment for each fund it is looking to invest in and a 10-year investment period.

Galdana has so far invested €100m in four funds based in the UK and Scandinavia, three funds in the US and four funds in China.

People
Galdana – Marcel Rafart (co-founder, chair); Javier Rubió, Dídac Lee, Roque Velasco (co-founders).