Funds: Investcorp/212 Ventures $200m fund

Investcorp and (212) Ventures (see Venture Capital news this issue) have formed a partnership agreement. Together they will launch a fund called Investcorp/(212) Ventures Technology Fund I LP with a target of $200 million (EURO220 million). Investcorp has committed $100 million (EURO110 million) and the remainder will be sourced from Investcorp and (212) Ventures-linked sources plus institutional investors. The fund will be targeted at companies with technologies that enable other companies to establish an online presence. Following due diligence by the (212) Ventures team in New York, Investment opportunities that fall outside the fund’s remit in terms of size will be passed onto Investcorp. In return, (212) Ventures will be offered the opportunity to advise on Internet matters involving Investcorp portfolio companies.

Investcorp and other investors in the fund are to be granted co-investment rights. The fund will be actively managed by (212) Ventures’ four partners – Ed Bennett, James Altucher, Alex Guira and Mark Kennelley. For its part, Investcorp will be represented on the fund’s investment committee by Savio Tung, Christopher Stadler and Mamoun Askari.