Trinity Holds Second Close

couldFocused on Ireland’s emerging software companies, Trinity Venture Capital closed its second venture fund last week, Trinity Venture Fund II, with $139 million in commitments.

Dublin-based Trinity Venture Capital is the early-stage investment arm of the Reihill Venture Capital Group, a firm that also handles management buyouts and restructurings. Founded in 1997 with a $24.8 million debut fund, Trinity Venture Capital has invested in 15 Irish software companies and has sold three of them to U.S.-based firms.

Like Trinity Venture Capital’s first fund, Trinity Venture Fund II will invest in early-stage software companies. It is looking for companies with well-developed products, market validation and an international focus, says Gavin Bourke, an associate with the firm.

“Companies may not need to be closing customers or contracts, but they must be engaging the marketplace. Ireland has a very small domestic market, so from day one, companies must be internationally focused,” he says.

After an initial commitment of between $500,000 and $5 million, the firm will invest up to $15 million in each portfolio company.

After making a $99 million first close a year ago, the fund has invested in four portfolio companies: Havok, a gaming software developer, LeT Systems, a maker of outage management software for the utility industry, business analytics software developer Norkom Technologies, and Sepro Telecom, a maker of billing software for the e-commerce and telecommunications industries. About 15% of the fund’s capital has already been committed.

Limited partners in the fund include European and Irish banks and pension funds and two institutional investors from Singapore.

Contact Carolina Braunschweig