Thursday 15th Jan 2009
Market News
Prime Technology Ventures reaches targeted fund size of €150m
Prime Technology Ventures reaches targeted fund size of €150m
The Amsterdam and Cambridge based venture capital firm, Prime Technology Ventures (PTV), has reached its target fund size of €150m end 2008 and is approaching its hard cap despite the severe fund raising climate.
The expected fund size is a significant step up from its previous fund. In line with the growth of the capital under management PTV has expanded its team with two new partners, Jelto Kromwijk Smits, the former CEO 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”, Sake Bosch, founder and managing partner explains. “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 finalize its fund raising activities in the coming weeks when the last investors will come on board.
