A new Dutch venture capital firm, Residex Ventures, has been formed by the combination of the ICT team of Residex Venture Capital Network and P3 Technology Partners team. The firm will manage two funds totalling €160m and including a portfolio of around 30 existing investments in ICT companies.
The new firm will have four partners, Cees van Luijk, chairman of Residex Ventures, Paul Schröder, managing director of Residex, previously with Atlas Ventures Capital and until July 2002 chairman of the Dutch Venture Capital Association, Greg Brown, formerly with P3 Technology Partners and Tom Paffen. The team is completed by a further three investment professionals, Dick Sietses, Gerben Huijs and Jan Klawer.
Residex Ventures will provide venture capital for innovative European and North American companies in the start-up to pre-listing phases. The two funds it manages are Residex Capital V and P3 Technology Partners. Residex Capital V is a spin out of Residex, one of the larger providers of venture capital in the Benelux region, and brings together the ICT investments made by the group in the last seven years. Achmea, the Dutch insurance, banking and pension group is the sole investor in the fund, which focuses on companies in enabling technologies in ICT services, telecoms and software, with investments ranging from €0.5m to €15m. Residex’s private equity team will continue to invest in later stage deals under the Residex Venture Capital Network name.
P3 Technology Partners, originally headed by Toon Nagtegaal who gained experience at Holland Venture and Atlas Venture, is funded by ING Asset Management, Parcom Ventures and Achmea. Its investment targets are ICT companies in Europe and North America that are aiming for international leadership, with a typical investment size of €1.5m to €5m.
The firm’s management expects 2004 to bring continued gradual improvement for the venture capital market, improvement in the corporate spending environment and a return to normality for the capital markets.