Harbert Management holds interim close on €93m

Harbert launched the fund in January last year with a target of €200m. According to the firm, a final close is expected to take place in December this year.

The fund's first close is believed to have taken place last April with somewhere between €30-40m in capital raised.

Investors
Harbert is a cornerstone investor of the fund with a GP contribution of €25m. HEGCF also counts a European pension fund and a government institution among its investor base, as well as several family offices and high-net-worth individuals.

Investments
HEGCF provides debt financing to European SMEs, typically in the range of €2-10m. The fund's key target sectors are IT, life sciences and e-commerce.

The first loan from the fund was made last July. Its portfolio includes German software company Itac; French digital advertising firm NextPerformance; and UK online retailer WorldStores, backed by Serena Capital, Balderton Capital and Advent Venture Partners.

People
David Bateman and Johan Kampe are the co-heads of HEGCF and both senior managing directors at HMC.

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