Debaeque secures interim close at EUR37.5m

01 April 2008

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Fund

Spanish venture firm Debaeque has reached the intermediary closing of its third vehicle Debaeque III on EUR37.5m. The Spanish-based fund has a target of EUR75m, 5% of which has been contributed by the GP. The fund has no restrictions outside the traditional ones. New fundraising can commence once 51% of the fund is invested. No placement agents or legal advisers have been retained.

Investors

The fund has a mixed investor base consisting of two-thirds private physical persons and family offices, and one-third institutional investors, the majority of which are Spanish.

Investments

The fund will focus on venture deals in Spain, in the sectors of telecommunications, media (emerging technologies for the enterprise and consumer markets), and life sciences (biopharmaceutical and medical devices). The vehicle will commit an average EUR7.5m per transaction and it plans to invest in seven to eight projects at different stages of development.

Co-investment is a possibility, but not during first and second round financing. Exit strategies will be assessed on a case-by-case basis pending market circumstances.

The fund has completed its first investment in software company Oasyssoft (page 18) and there is another deal in the pipeline to be completed in Q2 2008.

People

Debaeque is managed by Marc Ferrero and Patrick Raibaut. In the 10 years prior to co-founding Debaeque in 2001, Ferrero worked in the banking, strategic consulting, consumer goods and telecom sectors. Raibaut founded a B2C start-up and for more than 12 years he worked in the pharmaceutical, consumer goods and telecom sectors, mainly holding management and business development positions. They are supported by a team of five other professionals.

Name: Debaeque III

Target: EUR75m

Intermediary closing: EUR37.5m - February 2008

Focus: Iberian venture

Contact: Patrick Raibaut

Address: Debaeque

Calle Beethoven 15

Barcelona 08021

Spain

Tel: +34 (93) 252 11 93

Fax: +34 (93) 252 11 94.