Iris Capital, the pan European venture fund firm, has reached second close on Iris Capital Fund II at €144m following a first closing in December at €100m.
Backed by cornerstone investors CDC and a consortium led by ERGO Equity Partner, a subsidiary of the German ERGO Insurance Group, as well as other investors, the fund has a final target of €200m, which it hopes to reach before year-end.
The fund will focus on media, communications and information technology companies across Europe and possibly North America.
Four investments have already been made. The two most recent are a €5m investment in Exception Wild Bunch, a film production and distribution company, and a €2m investment in the second round financing of software vendor LIBeLIS.
Up until the first close of Iris Capital Fund II, Iris Capital was known as Part’Com Management. In December the management team bought out the firm from CDC.