Target Partners, a Munich-based early-stage venture capital firm, has announced the first closing of its new fund, Target Partners Fund II, at EUR61.5m.
Target Partners, a Munich-based early-stage venture capital firm, has announced the first closing of its new fund, Target Partners Fund II, at EUR61.5m. The fund has a target size of EUR120m.
Target Partners Fund II has already attracted commitments from private individuals, family offices and institutional investors including Morgan Stanley, LGT Capital Partners, Bayerische Beamten Lebensversicherung, RWB RenditeWertBeteiligungen, and CS Strategic Partners.
‘We were convinced by the quality and professionalism of the team and the success of Target Partners Fund I,’ says Jamey Sperans, executive director of Morgan Stanley Alternative Investment Partners.
‘Target Partners represents one of the most exciting opportunities to invest in Europe’s resurgent venture capital sector which, in our view, compares quite favourably to opportunities we are seeing globally.’
Kurt Mueller, a partner at Target Partners, says: ‘With Fund II, we are committed to continue the success we started with the EUR112m Target Partners Fund I, which since 2000 has invested in 17 young companies, of which five have been successfully exited so far.’
Target Partners Fund II will invest mainly in companies from German-speaking countries, in sectors including IT, communications, the internet, media and clean technology. Adds Mueller: ‘We plan to continue our successful strategy of investing in young technology companies with ‘home run’ potential for the fund.’
