e-millennium 1, a private equity fund focusing on investments in the TMT sector, has exceeded its target amount with a final close of E210 million. The Munich-based fund was launched in April 2000, with a target of E200 million. Deutsche Bank was the first investor in the fund that held its first close in May 2000 at E50 million and a second close followed in April this year at E180 million.
Other investors committed to the fund include Beisheim Holdings, La Caixa, SAP, BPI and most recently Accenture Technology Ventures.
Main areas of focus for investment are the technology, media and telecommunications industries.
The fund managers will be concentrating on expansion and later stage, pre-IPO opportunities within private companies that have proven technologies and existing customers.
e-millennium 1 has an investment horizon of five years, and hopes
to make between 15 to 20 investments. Average deal sizes are between E5 million and E10 million and the fund has made four commitments to date.
One of its first investments was in Berlin-based incubator Venturepark, which in June withdrew from the market when it decided to return substantial funds to investors.
e-millennium 1 participated in a E45 million financing round in the company last October. Deterioration of market conditions for new economy investing was at the core of Venturepark’s decision to cease activity.