Felix closes third fund on $300m

Katharine Hidalgo
15 January 2020

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Felix Capital has closed its third-generation fund on its hard-cap of $300m.

The fund was registered in May 2019 with a target of $250m. It is domiciled in the UK as a UK LP.

The fund's predecessor, Felix Capital Fund II, closed on $150m in 2017. Felix is still deploying the fund, which currently has 12 investments in its portfolio, including Unmind, Residently and TravelPerk. Felix founder Frederic Court told Unquote he expects Fund II to have 15-16 investments in total, and to begin deploying the third-generation fund in 2020.

In conjunction with the fund close, the firm has also hired advisers Thijn Lamers, co-founder of Adyen, and Andrew Robb, formerly COO at Fartech, as well as new CFO David Oglesby, who previously worked at Bridges and BC Partners.

Macfarlanes provided legal advice for the fundraise.

Venture in 2019 proved resilient to political uncertainty, particularly in the late-stage venture sector. Other UK-based venture funds that held successful closes in the past year include 83 North V – which also held its final close on $300m – GP Bullhound Fund IV and IQ Capital III. Funds currently raising include Amadeus IV Early Stage, Atomico V and Index Seed Fund.

Investors
The fund has around 30 investors, with 20 of those LPs providing the bulk of commitments. Court told Unquote that commitments are normally larger than £1m, though the firm does make exceptions for some LPs. Funds-of-funds, pension funds, foundations and family offices are the types of investors that participated.

LPs include Bessemer Trust, BPI France, Galdana Ventures and HSBC Private Bank, according to Unquote Data.

While all the investors in Felix Capital Fund III are from Europe and North America, Court said the firm would welcome LPs from Asia in the future as it makes sense for the strategy of some of the portfolio companies.

Investments
The fund, like its predecessors, will make early-stage and, occasionally, growth-stage investments, both in Europe and the US. The firm focuses on consumer and related B2B technology companies. The fund will offer equity tickets of $500,000-10m for early-stage investments and up to $15m for growth capital.

People
Felix Capital – Frederic Court (founder, managing partner); Antoine Nussenbaum (partner).