First close for German PE fund

German private equity house Triangle Venture Capital Group has announced the first close on its fourth fund. Triangle Fund IV reached the €15m mark after launching in November 2003. The firm said it expects a final close late 2004/early 2005 with a target size of between €50m and €75m.

One third of the commitments in the fund came from new investors and two-thirds from existing investors, including, for the first time for Triangle, an institutional investor from outside Germany.

Acanthus Advisers acted as placement agent.

The fund will invest between €500,000 to €5m in seed and early stage ICT and medical device companies.