Eiger Capital sets up fund-of-funds

Former head of venture capital at European Investment Fund, Roger Pett is heading a new fund-of-funds management company, Eiger Capital, based in Luxembourg. There are plans to launch a pan European venture capital fund this autumn and it is hoped the investment vehicle will raise up to E200 million with a first close scheduled for the early part of next year. The venture has already secured 20 per cent of its target amount from Financiere Natexis Banques Populaires that has committed E40 million.

Eiger Capital is a joint venture between its three managers and Financiere Natexis Banques Populaires and will specialise in the creation and management of private equity fund-of-funds with an initial focus on the European technology sector. Roger Pett is heading the venture and will be joined by two additional members of the management team. They are Henning von Blanckenburg, who was previously responsible for innovation and private equity finance at KfW in Frankfurt, and Jonathan Leinmuller, an investment executive specialising in private equity at Abbey National in London.

Targeted at institutional investors, Eiger Capital’s first offering will provide cost effective access to smaller growth technology funds. The fund is looking to make around 20 investments around Europe, but with a greater focus on the UK, French, German and Scandinavian markets. Israel is also being looked at as part of Europe and opportunities there are being considered with great interest.

Pett is optimistic about opportunities in the technology sector. “There has been a very necessary shake-out and rebalancing of the market place, but the core product is still there and the implementation of technology across Europe is going to go ahead. It is exploiting this development that is the issue,” he says.

He considers it an attractive time to be going into the technology sector. “It has been a question of pricing now we think the pricing is right.”