The lack of growth capital in Europe is such a sustained question that some early Sveser London-Headquartred Fixed Perception Capital is one of them.
In 2017, Capital was one of the first in Europe to close an opportunity fund to give its portfolio companies with follow -up capital. Now it has closed a $ 130 million growth fund, almost twice as large as the previous one, which will also invest outside its portfolio, techcrunch learned exclusively.
US VCs, who used to fill the growth capital, currently tend to focus more on their, where the market said CEO Stephen Chandler, noting that “opens an opportunity for European companies like ourselves to put it together by the different and be real European masters.”
Some of the European companies that the concept intends to “Master” from its new growth OPPS III fund are linked to the growing demand for more sovereignty included those who specialize in defense and supply chain logistics. But as many are also drawn to the VC company to AI, which Chandler sees as a super cycle that causes “a profound shift in the way software is delivered and consumed.”
Concept capital does not invest in the infrastructure layer, such as large language models. Instead, the company sees opportunities in the application layer that “massively increases” the size of its market, Chandler said. While the concept’s flagship fund has historically been second to its strong love for SaaS, Cloud and Fintech, these will now be A-infunded and together with new verticals.
The regular expectations of making a dozen investment and have already begun to deploy its capital from the funds. Cases include Upvest, a stock trading API out of its early phase portfolio as well as external companies Octopus Energy Spinoff Kraken and Nelly, a startup that builds software and financial product for the medical sector, according to the performance Capital.
To give himself at times “robust objectivity”, in the words of Chandler, follow -up agreements will be the lead of dedicated growth fund partners who will also “go out and source growth phase opportunities outside the portfolio.”
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One of them is existing view capital partner Stephanie Opam (to the left of the picture). She will now run this growth strategy with Jessica “Jess” Bartos, and trains a head in Salesforce Ventures. In the National US, Bartos is also the notion that Capital’s first external partner rental (former partners were promoted internally.)
“Becucaus This was a new strategy we felt we could benefit from external expertise in this growth internship,” said Chandler.
Subsequent growth funds may also be easier to raise. While Europe has been sufficient from a shortage of pension funds investing in venture capital companies, incentives have begun to change in several country, France includes with the Tibi initiative and the UK with the Mastunge House agreement.
Despite its British roots, capital depends not only on the UK’s legislative framework; This latest growth OPPS III fund is denominated in Euro and Luxembourg-based.
To raise this new vehicle that brings its assets under management to over $ 1 billion, the company trusted its existing relationship with limited partners from all over continental Europe, UK, MENA and US
“Something like 85% of our money comes from institutions; and within that we are very well geographically scattered,” said Chandler.
But while the recent initiatives to mobilize long -term institutional capital ”[weren’t] Really a feature in this fund, “he added,” the characters are extremely positive and that is great [for] By tackling the basic problem we started with, in terms of some of the gaps in growth capital we have in Europe. “
“If this finish works and more LPS participates in investment in growth investments, this can translate into more competition for performance capital. At least at the growth stage, where it is less established than at the early internship. However, Chandler both sees as a continuum.
“On real competitive advantage in this growth strategy utilizes the range we have in our early internship strategy,” said Chandler. “Most growth funds don’t have it. They’re out there trying to do all their sourcing on the growth phase when they set, they cross the chest with regard to scale and momentum.
In contrast, he said, Capital and has many touch points within the years, included through its very active platform team and is flexible in terms of its control size.
Despite its expanded scope, the Growth Oppers III’s most important asset will undoubtedly Capital’s performance portfolio. The company has been invested in more than 150 school starts, including CurrencyCloud, Gocardless, Mews, Paddle and Quantum Systems. While some are pre-IA or have been exit, the remaining companies probably include future masters-a track record, which shouts makes external companies more willing to take their adult control, even though growth capital becomes less scarce in Europe.