Beringea Digital holds first close on £20m

21 September 2009

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Fund

Beringea has held a first close of new Enterprise Capital Fund, Beringea Digital Ventures, on £20m, after receiving the total amount from government-backed investor Capital for Enterprise. The fund, which is expected to formally close at the beginning of next year, has a target of £30m and is a 10+2 year traditional LP based in the UK. The remainder of the funds will be raised from private investors with which Beringea has worked before and/or digital media veterans. Minimum subscriptions will be £500,000 and terms and conditions of the fund are described as industry standard. Beringea will make a contribution of up to £1m to the vehicle.

Investors

Limited partners will comprise largely of entrepreneurs and media corporates based in the US and UK, all of which have an interest in the digital media space and can offer sector experience.

Investments

Beringea Digital Ventures will look to make growth capital investments of between £1m-£1.5m in earlier stage digital media companies that are generating revenues, but are not necessarily yet profitable. The vehicle will take significant minority stakes in companies and will look to make about four to five investments per year. Beringea is open to co-investing. There are a number of deals currently in the pipeline, with the first expected to close in January 2010. Beringea has invested in nearly 100 UK businesses, including Mergermarket, the financial information provider, which generated returns of 14 times the original investment made in 2006.

People

Chief investment officer Trevor Hope is the main manager of the fund, supported by a team of four investment professionals, three of whom are based in the UK and one in the US. Beringea operates from four offices based in LA, Detroit, Shanghai and London.

Name: Beringea Digital Ventures

Closed on: £20m

Target: £30m

Focus: Growth stage, digital media

Contact: Trevor Hope

Address: Beringea

39 Earlham Street

London, WC2H 9LT

Tel: +44 020 7845 7820

Fax: +44 020 7845 7821.