The new fund will stick to the firm’s strategy of investing in technology companies operating in the software, IT services, semiconductors and new media sectors, with an emphasis on later stage opportunities in both Europe and the US.
“High-growth European technology companies often need to succeed in the US to become global market leaders. Our fund structure and US team can be a significant competitive advantage for our portfolio companies,” said Michael Elias, Kennet managing director.
Javier Rojas, Elias’ equivalent in the firm’s Silicon Valley office, agrees: “Kennet’s growth equity strategy is well-timed for the US market, where bootstrapped, founder-led businesses are underserved, since the majority of investment capital is targeted at early-stage venture deals or large buyouts.”
Investors in the London-based VCs latest offering include Access Capital Partners, Adveq, Alpha Associates, BNP Paribas Private Equity, Capital Dynamics, Crédit Agricole Asset Management Capital Investors, Credit Suisse, European Investment Fund, Finama, LGT Capital Partners and Siemens.
The fund has already made two investments. The first was a €7m financing of