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Prime Technology Ventures passes EUR150m target and hires partners

Amsterdam and Cambridge-based venture capital firm Prime Technology Ventures has reached its target fund size of EUR150m end 2008 and is approaching its hard cap despite the severe fund

Amsterdam and Cambridge-based venture capital firm Prime Technology Ventures has reached its target fund size of EUR150m end 2008 and is approaching its hard cap despite the severe fund raising climate.

In line with the growth of capital under management, the firm has expanded its team with two new partners: Jelto Kromwijk Smits, the former chief executive of Philips Incubator; and Joost Holleman, formerly principal fund investments at AlpInvest Partners.
 
‘Our success in fund raising in these challenging times can be explained by two factors,’ says Sake Bosch, founder and managing partner (photo). ‘First of all, we are one of the few European VC funds who, post bubble, delivered cash returns to our investors on a fund basis. Secondly, our strategic position has further improved also because of our unique relationship with Philips.’

In October 2008 PTV and Philips reported the spinning out of five technology companies from the Philips Incubator venturing program and the decision of Philips to become an investor in PTV’s most recent fund. 

PTV will finalise its fund raising activities in the coming weeks when the last investors will come on board.

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