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First close for Innova/3

A year on from its launch, Warsaw-based Innova Capital has reached a EURO110 million first close on its third fund, Innova/3. The fund will have an anchor presence in Poland, but will also be eyeing opportunities in Hungary, the Czech and Slovak Republics. A final close is anticipated by year-end, but rumour has it that the fund has been forced to drop from its original target of between $200 million and $250 million due to tough fund raising conditions.

The fund focuses on both early and later stage opportunities in business services including media, IT and telecom and financial services. Average size of investments will range from $8 million to $15 million and the firm has already made one investment to date. Global AS, Orange’s affiliate GSM operator in Slovakia secured $8.25 million from Innova in September.

Managing director and partner, David Fisher, said: “Fund raising is tough, particularly in the US. Our main focus is on European institutional investors.”