Isomer launches €150m early-stage fund-of-funds

JosУЉ Rojo
19 February 2016

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Technology investor Isomer Capital has launched a new тЌ150m fund to target European early-stage vehicles, as well as co-investments and secondary purchases.

Isomer has not yet revealed when its newest fund was officially launched, but press reports stated that fundraising kicked off on 31 September 2015.

In addition to its fund-of-funds offer, the vehicle will deploy its capital via co-investments; the strategy is increasingly becoming a priority among LPs keen to build a more controlled private equity and venture capital exposure and cut down on the fees they pay to fund managers.

Investors
Isomer has yet to disclose any details on the LP base for its newest fund. According to reports, the firm is currently raising towards the €150m target and foresees that its latest dealflow will convince new LPs to back the fund.

Investments
As part of its fund-of-funds proposition, Isomer Capital Fund will act as an LP to vehicles within Europe's early-stage technology scene. To date, the fund has backed five managers in that space: Hoxton Ventures, White Star Capital, Entrepreneur First, Felix Capital and Connect Ventures.

In addition to providing commitments to their funds, Isomer has co-invested alongside the managers over the past few months. Portfolio companies sourced this way include British cybersecurity business Darktrace and meal distributor Deliveroo, whose series-A rounds were backed by Isomer alongside lead investor Hoxton Ventures. Meanwhile, Isomer's forays have extended to France, where its fund-of-funds has joined forces with VC Felix Capital during rounds for La Ruche Qui Dit Oui and Mirakl.

Moreover, Isomer Fund Capital will deploy some of its capital to buy stakes from other fund managers via secondary purchases.

People
Isomer Capital – Joe Schorge (managing partner); Chris Wade (partner).