Frog holds first close for Frog European Growth II

The fund's target is €150m, with a hard-cap of €200m. Senior partner Mike Reid told Unquote that the first close has been held on more than €50m.

The fund is domiciled in Luxembourg.

Frog European Growth I closed on €90m in 2016 and has been deployed. It hold eight investments, including Azimo, McMakler and Modulr and has realised one asset.

Investors
The majority of the 14 investors at first close are existing investors and all are family offices. Reid expects to have 25 LPs at final close, with institutional investors also joining the round. The firm's minimum commitment size is €5m.

The investors are mainly European, though there has been interest from LPs around the world, said Reid.

The European Investment Fund, an existing investor, has not yet committed due to Brexit uncertainty, said Reid.

Investments
Frog focuses on software companies with average revenues of €5m. Its focus is on data and digital infrastructure companies. The expected holding period for the fund is five to seven years.

The firm is currently in advanced negotiations to invest in two companies.

People
Frog Capital – Mike Reid, Jens Düing, Steven Dunne (senior partners).

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