Galdana Ventures holds first close for VC fund-of-funds

Vidur Sachdeva
13 January 2016

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Barcelona-based Galdana Ventures is understood to have reached a first close of approximately €44m for its venture capital fund-of-funds.

According to a source close to the situation, fundraising for the fund-of-funds began in 2015 and the GP recently held a €44m first close towards the end of 2015. The VC is reasonably optimistic about hitting the €150m target in the coming months, the same source added. It is also understood that the fund-of-funds has a hard-cap of €250m.

The investment strategy focuses on top-performing funds, mainly in the early-growth and growth stages. Although the fund will invest mainly in primaries, it will also look at secondaries and co-investments.

Investors
The fund-of-funds has mainly received contributions from investors based in Spain and Latin America. This includes pension funds, insurance companies, family offices, high-net-worth individuals and entrepreneurs in the Spanish tech space looking to invest in venture capital funds internationally.

Investments
Although the fund has already made investments in three venture capital funds, it is expecting to make a total of 16-20 investments valued at around the €7m mark. Galdana is not looking to make many investments in Spain and will instead focus on funds based in the rest of Europe, the US (mainly the west coast) and Asia (with a special focus on China).

People
Marcel Rafart is the founding partner and chairman of Galdana.