German VC Earlybird has achieved a final closing of its new fund Earlybird IV on €127m.
The firm attracted interest from a number of new institutional investors, including Japanese gas group Osaka Gas, Abu Dhabi Investment Authority arm Procific and the European Investment Fund (EIF), as well as German fund-of-funds VCM Capital Management and German development bank KfW.
“The European venture capital market now offers better opportunities than ever for an experienced investor like Earlybird”, says Dr Andreas Wilde, managing director and partner at VCM.
The Hamburg-based venture capital house held a first closing in May 2007 with €65m, and was originally hoping to raise between €150m and €200m, building on the €165m Earlybird III raised.
With the new fund, Earlybird will continue its investment approach and invest in fast growing companies in international markets. The investment focus is on companies within the software, semi-conductor technology, information and communication technology, internet based services, cleantech and medtech sectors.
Earlybird manages over €400m in assets under management for more than 20 international investors. It does not offer capital in the start-up phase but supports financing in later growth faces.
Earlybird IV is a third-generation fund, following Earlybird I/II that raised €60m, and the €165m third vehicle.
The German firm’s latest offering comes after a summer which has seen three other venture capital funds close. In June, the maiden fund of Fountain Healthcare Partners raises €75m. This was followed by Edmond de Rothschild Investment Partners on €150m, and Kennet Partners on €200m.