Index targets later-stage deals with EUR400m fund

Index Ventures has closed a EUR400m growth capital fund, Index Ventures Growth I LP. The fund is the first growth capital fund to be raised by Index Ventures, and the first of its kind to be raised by a European venture capital firm.

Index decided to launch a later stage-focused fund to complement its previous emphasis on early-stage investing and to address what it sees as a gap in the market. Index brought Index Ventures Growth I to market in Q4 2007 and held a final close on 22 January 2008.

The speed at which the fund was raised is believed to reflect strong performance of Index's other funds, as well as the fact that only existing investors in other Index vehicles committed to Index Ventures Growth I. "Our goal with the Index Ventures Growth Fund is to partner with entrepreneurs who have built successful, quickly growing business that have reached a stage when they are considering strategic alternatives including being acquired," said Dominique Vidal, who is newly appointed to the fund.

The new Index fund will follow Index's strategy of concentrating on the technology and life science sectors. It expects to make equity investments of between EUR20-50m to acquire minority positions in European-based established and profitable businesses. (Page 05).

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