European News – Transatlantic Wraps Fund II at Target –

Transatlantic Technology Capital Partners (TAT) has closed its second fund on target at $75 million. Founded in 1997 by a group of former industrialists, TAT invests in early-stage companies in the semiconductors, medical devices, industrial electronics, robotics/automation and computer technology sectors. Operating out of offices in Zurich, San Jose, Calif., Stockholm and Paris, TAT focuses on the German-speaking European markets, Sweden, Israel and the U.S. Its first fund, which closed in June 1997, deployed $44 million including co-investment capital and reached full investment by the end of 1998.

TAT partner and managing director Thomas Egolf said the new fund, AT Investments CV, has already committed 20% of its capital. Three investments have already been completed and two more were nearing completion at press time.

Describing TAT’s investment strategy, Egolf said TAT differentiates itself from rival private equity firms through the combination of its management team’s industrial background, its transatlantic approach, a closely defined sector focus and an insistence on participating as lead investor. “Our value-added comes from detailed industry knowledge,” Egolf said.

Egolf said that all the limited partners in TAT’s first fund have participated in this offering. However, the bulk of the current fund was drawn from new sources, primarily Swiss investors, including PE Holding and a number of major insurance companies. TAT Investments also attracted Norwegian capital, together with a relatively small proportion of U.S.-based money.