Seraphim prepares launch of $250m global space fund

Nicole Tovstiga
09 March 2018

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London-based Seraphim Capital is launching its latest vehicle, Seraphim Global Space Stars Fund, with a target of $250m.

An official roadshow for the fund will be held in the coming weeks, and a first close for the fund is expected by Q3 this year, Seraphim partner Frédéric Rombaut told Unquote.

The fund will most likely hold a first close on less than half of its target. With an "attractive" pipeline of investments lined up, there is no specific number aimed at for the first close and the goal is to enable the fund to make investments as soon as possible, Rombaut added.

The investment strategy of the new vehicle aligns with the Seraphim Space Tech Fund, which held a final close on $90m in September 2017.

While the Space Tech Fund is UK-focused, the Global Space Stars Fund will have a global remit with a higher capacity for investments. Currently, the former makes three or four investments per year, with equity tickets of around $3m per deal. The new fund will make two or three more investments annually, and equity tickets will be twice the size.

Space technology venture capital investor Seraphim closed its Space Tech Fund on £70m in September 2017, below the target of £80m. Fundraising had started 18 months prior and was delayed due to Brexit.

Rombaut added that Seraphim is planning to open new offices in continental Europe and in Asia this year. It is currently considering locations with growing space innovation hubs to help create an eco-system around the latest vehicle.

Rombaut joined Seraphim as general partner earlier this month. He is supporting fundraising efforts for the new global vehicle.