Quadrantis launches EUR60m Early Stages I

01 February 2008

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Fund

New Portuguese venture capital firm Quadrantis Capital has launched its first vehicle, Quadrantis Early Stages I. The fund is in its initial fundraising stages and has a target of EUR60m. The vehicle will have an eight-year lifespan with a two-year extension.

It forecasts its first close at EUR30m in the second quarter of 2008. The fund will accept subscriptions for a minimum of EUR500,000 from financial institutions and EUR100,000 from high-net-worth individuals. The vehicle's floor is EUR30m and the management fees have been set at the industry's standard 2%.

The fund cannot invest in any financial institution or speculative markets. Vieira de Almeida has been retained as the legal counsel, while Barclays is the depository bank.

Investors

The fund will rely on institutional investors, business angels and high-net-worth individuals for its financing.

Investments

The vehicle will focus on early-stage high-tech Portuguese and Spanish companies and will aim to obtain majority stakes with the possibility for founders to buy back the stake retained by the investors. The minimum commitment per transaction is EUR350,000 with a maximum not exceeding 25% of the fund; the average investment is set at approximately EUR3m.

The investment plan foresees eight to 10 investments to be carried out in the first year with a further five to six over the following one-and-a-half years. Co-investments are not excluded. The exit strategy has not been pre-determined, but exits are not planned before the fourth year. Investors will have the option of reinvesting their proceeds.

People

Quadrantis is led by Joao Vicente Ribeiro, formerly the chairman and CEO of PME Investimentos. Other members of the management team include: Martiniano Goncalves, executive director of PME Investimentos between 2004-2007; Manuel Teves Costa and Francisco Soares, both active non-executive directors on the board of several SMEs; Paulo Caetano, executive director of Fomentinvest SGPS, SA, a private equity company with investments in the fields of environment and energy. The team is supported by two other professionals.

PORTUGAL

Name

Quadrantis Early Stages I

Target

EUR60m

Launch

January 2008

Focus

High-tech

Contact

Joao Vicente Ribeiro

Manuel Teves Costa (UK)