Axon launches info & comms technology fund

01 October 2008

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Fund

Axon Capital has launched its second fund, Fondo Axon II CM-TMT. Set at EUR40m, it already has EUR15m in commitments. The fund is based in Spain, has a 4+4+2 structure and its minimum subscription is EUR2m.

The GP contributed to its previous funds and will do so based on the final commitments raised. Management fees, carry and hurdle are set at the standard for the technology venture sector. Carried interest will be paid on a deal-by-deal basis, for which the fund has a catch-up mechanism allowing it to make global adjustments at the end of the divestment period. The final closing is forecast for between the end of 2008 and early 2009.

Investors

The local government of Madrid and private investors, such as German online betting company bwin, are among the investors in the fund. The vehicle seeks to attract Spanish and European private and professional investors as well as companies active in the information & communications technology (ICT) and media sectors.

Investments

Axon II CM-TMT will take minority stakes through early-stage investments in companies in the ICT and media sectors headquartered in Madrid. The vehicle will carry out at least six investments ranging between EUR2-10m including equity and venture lending vehicles. Co-investments are possible and will be considered on a case-by-case basis.

Given the size of the companies to be invested in, the most probable exit strategies are trade sales or sales to other private equity funds. Depending on market conditions, the AIM/MAB/Alternex option will be considered.

People

Axon Capital will manage the fund and will have a team of three dedicated to its management, origination and analysis of potential investments. Intel Corporation will be the fund's technology partner, taking part in the investment committee and providing technological analysis of internationalisation strategies.

Name: Fondo Axon II CM-TMT

Launched: August 2008

Target: EUR40m

Focus: Early-stage

Contact: Gonzalo Carod

Address:

Axon Capital

Almagro, 15-5 degs

28010 Madrid

Spain

Tel: +34 91 310 2894

Fax: +34 64 996 1524.