Asset management firm Pall Mall Partners is preparing to raise its first venture capital fund, the Pall Mall Technology Fund. The independent boutique is based in London and Cambridge. It has recently relocated to a new office in Cambridge to coincide with the fund’s launch. Funds currently managed by Pall Mall Partners include a high yield bond fund and a sector specific fund focused on renewable energy.
The Pall Mall Technology fund will target niche technology sectors such as data storage and security, broadband, bioinformatics and biochips. It will invest in early stage companies primarily in the UK but also across Europe.
Mark Rayner, director of venture capital at Pall Mall Partners, said the fund hopes to have secured commitments of €7.5 million in time for an initial closing at the end of September. Although the fund has not yet embarked on full-scale marketing activities it already has commitments from two investors in Europe and the Middle East. Rayner hopes the fund can raise a total of €50 million over the next 12 months. A team of three to four investment professionals in Cambridge will be responsible for the fund, ideally situated to take advantage of the investment opportunities there.