Amhaz-led Volt Capital and Glover’s Amadeus Capital Partners raise new funds

From our Women's PE Briefs - week commencing May 3, 2021

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Amhaz-led Volt Capital closes its debut fund

A crypto-focused venture firm led by Soona Amhaz closes its debut fund. Volt Capital raised $10 million. The San Francisco firm’s limited partners included Digital Currency Group, CMT Digital, Union Square Ventures’ Albert Wenger and Founders Fund’s Brian Singerman.

The firm, according to WSJ Venture Pro, will look to use the fund to back 30 to 45 companies. It has already made 13 investments, including Nansen Pte., Ltd., Giving Block, Inc., and Magic Labs, Inc. Volt invests between $50,000 and $500,000 in companies. Prior to Volt, Soona founded Token Daily and was with Alation.

Glover’s Amadeus raises a new fund that Armour, Amary and Bernardo-Gancedo will be involved in deploying

Amadeus Capital Partners, which was co-founded by CEO Anne Glover, raises a new fund – a fund that partners Amelia Armour and Beatriz Amary and analyst Ana Bernardo-Gancedo will be involved in deploying and a fund whose cornerstone commitment came from British Patient Capital, whose CEO is Judith Hartley.

Amadeus said it closed it latest early stage, deep-tech focused fund at 110 million pounds. The fund, Amadeus V Technology Fund, seeks to invest in such sectors as AI and machine learning; autonomous systems and human computer interfaces; enterprise Saas and cyber security; digital health and medical technology; and novel materials and quantum technologies. Amadeus has already used the fund to back 16 companies.

Founded in 1997, Amadeus has now raised more than $1 billion. The firm has offices in London, Cambridge, UK, San Francisco and Bogota. Amelia was promoted to partner in 2020 and Beatriz and Ana both joined the firm that same year.

In a statement, Judith said the commitment to Amadeus’ fund “is a key part of our strategy to invest with fund managers that can leverage the UK’s world leading position in science and engineering led innovation.” British Patient Capital is the UK’s largest investor in venture and venture growth opportunities.

Paras helps MiddleGround Capital close a trio of new funds

MiddleGround Capital, whose co-founders include Lauren Mulholland and Monica McClinton, and whose investor relations activities are led by managing director Christen Paras, closes a trio of new funds. The New York and Lexington, Ky. firm raised a total of $736 million for its second flagship fund, a co-investment vehicle and a fund that will focus on future trends of the automotive industry. MiddleGround closed its debut fund in 2019 at $460 million.

Lauren, John Stewart and Scot Duncan created MiddleGround after the three left Monomoy Capital. Monica joined the trio from Fiserv, but had previously worked at Monomoy. She is a partner and chief compliance officer.

MiddleGround makes control investments in B2B industrial and specialty distribution companies. It has done 10 deals since its formation, including six in 2020. Its portfolio companies include Attala Steel Industries, a Kosciusko, Miss. manufacturer of steel foundation products for utility-scale solar power infrastructure; Dura Automotive Systems, an Auburn Hills, Mich. designer and manufacturer of highly engineered automotive systems; EDSCO Fasteners, a Denton, Texas manufacturer of anchoring systems for power transmission poles and other large steel structures; Alco Manufacturing Corp., an Elyria, Ohio hydraulic connector manufacturer; Steel Craft Corp. which is based in Hartford, Wis. and provides a suite of complimentary outsourced marketing services; and Banner Industries, a Carol Stream, Ill. processor and distributor of metal bar products.

Siegal helps Veritas Capital close a fund that Li and Son will be involved in deploying

Veritas Capital, whose head of investor relations is Natasha Siegal, closes its first midmarket-focused fund, a fund that vice presidents Alice Li and Erica Son will be involved in deploying. The New York-based firm said it raised $1.8 billion for its Vantage Fund in two months. The firm will use the fund to leverage its integrated platform and intellectual property to invest and create value in middle market technology businesses.

In 2020, Veritas closed its first credit fund at $400 million and in 2019 closed its seventh flagship fund at $6.5 billion. Veritas, which now has more than $28 billion under management, backs technology-based companies that provide critical products and services to government-related and leading commercial customers.

Fauver and Hu help CarVal Investors raise a new fund that Gunderson will oversee and Fenske will help deploy

CarVal Investors, whose fundraising activities Kerry Fauver and Nyree Hu help lead, raises its first dedicated clean energy fund – a fund that managing principal Jody Gunderson will oversee and which managing director Angie Fenske will help deploy.

The Minneapolis firm said it closed the fund at $490 million, well above its $250 million target. The fund is focused on credit and hard-asset investments in the clean energy sector, primarily in North America. The fund is a continuation of CarVal’s platform for renewable energy private debt transactions, including contracted solar projects, battery energy storage and energy-efficiency-related investments. All told, CarVal Investors has invested more than $2 billion in clean energy since 2017.

In a statement, Jody said the closing of the fund “enables us to ramp up our capital deployment in renewable energy and fund projects that meet our risk and return criteria.” She said the investment team will work to “build a large and diverse portfolio of investments that are not only profitable but benefit our environment.” Jody is a past speaker at both the Women’s Private Equity Summit and the Women’s Alternative Investment Summit.

CarVal Investors has approximately $10 billion in assets under management.

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