Angels Capital disembarks on the venture scene

01 July 2008

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Fund

Angels Capital, managed by Atitlan Capital, was launched as a new player on the Spanish venture scene, with EUR17m dedicated for investments in seed and start-up projects. According to reports this would be the largest such fund in Spain to date. The fund is based in Spain and has a typical 10+2 structure and has a hard cap of EUR20m. Minimum subscriptions are set at EUR2m, management fees at 2% with a carry and hurdle at industry standards. Uria y Menendez has been retained as legal adviser to the fund.

Investors

Businessman Juan Roig, CEO of supermarket chain Mercadona, and the Instituto Valenciano de Finanzas have provided EUR15m and EUR2m respectively. The fund remains open to institutional investors and business people sharing the fund's vision.

Investments

The fund has already carried out its first transaction; an investment in Seguridad Avanzada Biometrica. The vehicle will invest between EUR200,000-1m in equity in projects involving innovative as well as niche medical technologies. The vehicle does not have a development stage preference and will invest between EUR150,000-1m per transaction.

During its investment phase the vehicle expects to carry out 15-25 investments; co-investments are not part of the core strategy but will be considered on a case-by-case basis. The investors' plan is to support the growth of the portfolio companies in view of preparing them for a buy-back by their respective owners.

Name: Angels Capital

Launched: EUR17m, April 2008Focus: Hi-tech, bio-tech

Contact: Jaime Esteban

Tel: +34 96 353 63 14

Advisers: Uria y Menendez (Legal).