Vontobel European Ventures, Bank Vontobel’s third fund-of-funds, has undertaken its first closing at A99 million. The eventual target for the fund, which Ulrich Geilinger at Vontobel says should be reached in the first quarter of 2001, is A200 million. Fund raising began in late summer last year and the fund is already 30 per cent invested and has seen four exits.
Vontobel European Ventures has made commitments of euro100 million to 11 venture funds and in excess of a quarter of this capital has been committed already to more than 120 companies, including the four that have exited. First distributions on the fund, which has a fund management fee of 0.75 per cent per annum and a carried interest of 10 per cent after a hurdle rate of 12 per cent, will be made in early 2001.
The venture funds in which Vontobel European Ventures has invested include Amadeus II, Atlas Venture V, Banexi Ventures 3 and TVM IV. The fund-of-funds places an emphasis on the French and Italian markets, says Geilinger.
Bank Vontobel’s other fund-of-funds business is primarily tied up in the listed vehicle Private Equity Holdings that has around A1.5 billion committed. Some A200 million is held in direct investments. Private Equity Holdings backers are primarily institutions and the retail sector.