First close for Wellington VC fund

Munich-based venture capital firm Wellington Partners has reached a € 85m first close on Wellington Partners III Technology Fund (WP III Tech). Investors in the fund include Access Capital, AlpInvest, Lexington Partners, Swiss Re, the European Investment Fund (EIF), VCM, and von Braun & Schreiber. Wellington hopes for a final closing of at least €120m this year.

Wellington founding partner Rolf Christof Dienst, said: “The revived interest of top international investors has shown that Europe and especially Germany is again being seen as an outstanding location to invest in young technology companies.”

Having fully invested Wellington Partners II, WP III Tech will start investing in January 2005. The fund will Wellington invests up to €10m per portfolio company. It will focus on the five technology areas: applied materials, communication solutions, enterprise software, infrastructure, and media.

Wellington has a strong past track record. Wellington I fund (vintage 1998) produced an internal rate of return of 54% net to investors.

Wellington Partners III was advised by MVision, London, and SJ Berwin, Munich.