Spanish assets management firm Arcano Capital has launched its first venture capital vehicle with a $200m target.
Arcano Venture I will focus mainly on the US, but will also deploy part of its capital in the European market, according to a source close to the situation. Arcano launched its first venture fund in partnership with US-based venture capital firm Urizen Ventures.
The GPs expect to hold a first close in May 2018 with half of the total targeted commitments, according to a statement.
King & Wood Mallesons acts as legal adviser to the fund.
Currently, Arcano manages two private equity funds-of-funds focused on the primary and secondary markets across the US and Europe. In addition, it manages two loan and fixed-rate-bonds funds focused on Europe and one real-estate-dedicated vehicle that invests in Spain and Portugal.
Arcano's existing investor base includes foundations, family offices and pension funds mainly based in Europe and the US, according to the firm's website.
The fund will mainly focus on startups based in the US and Europe that are focused on the technology sector, including big data, artificial intelligence and fintech.
Arcano Capital – Álvaro de Remedios (chair); José Luis del Río (partner).
Urizen Ventures – Adayemi Ajao, TJ Nahigian (co-founders).
Consortium has offered €18.10 per share, 24% higher than the €14.56 closing price on 23 September
Around €2m comes from Seed Capital, while Vækstfonden is providing a syndicated loan of €1.8m
Company plans to use the financing to strengthen its market position in Spain and boost its international expansion
GP has so far invested in companies in industrial automation, software and business training