Mizrakli Landgraff’s Antler closes its first Nordic fund, Wutte’s Asterion Industrial Partners holds a first close on its second fund, and BCV raises more than $1B in fresh capital
From our Women's PE Briefs - week commencing May 17, 2021
O’Kane helps IVP close a fund that Wilhelm, Xu amd Faust will be involved in deploying
IVP, whose investor relations and business development efforts are led by senior vice president Kelly O’Kane, closes its largest-ever fund – a fund that partners Cack Wilhelm and Louisa Xu and investor Becca Faust will be involved in deploying. The Menlo Park late-stage venture firm closed its 17th fund at $1.8 billion, a slight step up from the $1.5 billion it raised in 2017. It now has $8.7 billion in capital under management.
Founded in 1980, IVP typically serves as the lead investor in later-stage rounds with equity investments ranging from $10 million and $150 million. It has used the fund to make six investments, including Aledade, Papaya Global, Productiv and Veriff.
Cack, who joined IVP in October 2019, has led the firm’s investments in CircleCI and Papaya Global. Louisa has been with the firm since September 2018 and has worked on the firm’s investments in Harness, Lime, Robinhood and Whisper. Becca, who has been with IVP since August 2019, also worked on the firm’s investment in Robinhood.
Mizrakli Landgraff’s Antler closes its first Nordic fund
Antler, an early-stage venture firm co-founded by Dilan Mizrakli Landgraff, closes its first Nordic fund – a fund that Anne Solhaug Tutar will help lead. Antler said the fund was oversubscribed and closed at $36 million. Investors in the fund include Draper Esprit, Kistefos, the Danish state fund Vaesktfonden and the Norwegian state fund Investinor. It will invest in startups in Sweden, Norway and Denmark with strong and complementary co-founding teams, validated business models and global potential.
In a statement, Anne said, “it’s wonderful to be able to continue supporting exceptional entrepreneurs through our model, regardless of factors, such as background, gender and age.” She added that while just 7 percent of venture capital in the Nordics is invested in companies with one female co-founder, it is 43 percent at Antler Nordics.
Anne will lead the fund with Anders Hammarback. Prior to joining Antler, she founded a health food brand in Turkey with Unilever.
Napolitano helps Deerpath Capital Management close a fund that Garcia will be involved in deploying
Deerpath Capital Management, LP, whose investor relations and fundraising activities are led by managing director Antonella Napolitano, closes its fifth fund – a fund that managing director Natalie Garcia will be involved in deploying.
Deerpath, which provides senior debt financing to lower-middle market companies, accepted $1.1 billion of equity capital. The firm, however, said it actually has more than $2 billion of capital available to deploy after also raising debt financing. The firm tapped more than 50 limited partners from around the globe to raise the new fund. It is part of Deerpath’s senior debt financing platform that has deployed more than $4 billion. Deerpath said it has committed approximately 75 percent of the fund to a large pool of portfolio companies. The firm is using the fund to pursue first lien, senior debt financing to lower-middle market companies in the United States.
Antonella joined Deerpath in 2016 from Credit Suisse’s private banking division. Natalie, a member of the investment team, focuses on structuring, underwriting and executing new investments. She has been with Deerpath in 2015. The firm was founded in 2007.
Wutte’s Asterion Industrial Partners holds a first close on its second fund
Asterion Industrial Partners, a pan-European infrastructure investment manager co-founded by Winnie Wutte and whose investment team includes partner Silke Scheiber and senior directors Nicole Hildebrand and Bice Di Gregorio, holds a first close on its second fund. Asterion said it had raised 925 million euros, or 70 percent, of its 1.35 billion euros target. The Madrid-based firm also said the fund has a hard cap of 1.5 billion euros.
Asteroin has used the fund to make one investment, Barter Energy, a solar self-consumption company. The fund closing comes some 18 months after Asterion closed its debut fund at 1.1 billion euros – a figure which made it the largest private capital fund ever registered in Spain. Asterion focuses on telecom, energy and utilities and mobility in such countries as France, Italy, Portugal, Spain and the United Kingdom.
Winnie, a founding partner, leads the firm with Jesus Olmos and Guido Mitrani, all of whom were formerly at KKR. At KKR, Winnie was a director in the client and partner group Europe and was the firm’s product specialist for infrastructure and private equity in Europe. Silke, who was also a partner at KKR, joined Asterion last year and is chair of its portfolio management committee. Nicole was formerly an energy originator at Morgan Stanley, while Bice was head of M&A at Building Energy SpA in Milan.
Asterion’s team also includes operating partners Roberta Neri and Beatriz Trocolí.
Top Tier Capital Partners raises a new fund
Top Tier Capital Partners, whose leadership team includes managing director Jessica Archibald, raises a dedicated European venture capital fund of funds. The San Francisco-based firm closed on nearly 260 million euros, or approximately $310 million. British Business Investments, whose CEO is Judith Hartley, committed 100 million Euros to the fund.
In a statement, Jessica said that Top Tier believes “strongly in the potential of the European venture capital market. We previously opened an office in London to demonstrate our commitment to the region, and we continue to see high rates of innovation and increasing amounts of overall capital and liquidity.” Jessica, a member of the firm’s investment and management committee, co-leads the funds team and participates extensively in its capital formation efforts. Lisa Edgar, who is now partner emeritus, oversaw the opening of the London office.
Earlier this year, Top Tier announced that it had closed on nearly $1.2 billion for its flagship fund, as well as its Velocity Fund and separately managed accounts. It now has $7.8 billion under management.
CTI Life Sciences holds an initial close on a fund that Terrisse-Rulleau and Tilley will help lead
CTI Life Sciences holds an initial close on its third fund – a fund that managing partners Laurence Terrisse-Rulleau and Shermaine Tilley will help lead. CTI said it secured 100 million Canadian from such investors as BDC, Fonds de solidarité FTQ, Caisse de dépôt et placement du Québec, Investissement Québec and Teralys Capital. The Montreal venture firm did not disclose the fund’s target.
CTI said it will use the fund to invest from the initial stages of creating new companies to move advanced clinical-stage organizations. It will focus predominantly on biotherapeutics and opportunistically in medical technologies and health care IT. CTI will primarily focus on Canada. Laurence and Shermaine will lead the fund with Ken Pastor and Youssef Bennani.
Laurence, who joined CTI in 214, has been involved in the creation of Dalcor, Ilkos, Precithera and Find Therapeutics. Shermaine has been with CTI since its founding in 2006.
The firm now manages 345 million Canadian.
Bain Capital Ventures raises $1B that Hummer, Mehta, Smith, Warburg Peters, Cole, Paston, Xu and Zajac will help deploy
Bain Capital Ventures rounds up more than $1 billion in fresh capital – capital that will be deployed by an investment team that includes partners Merritt Hummer, Aneesha Mehta and Sarah Smith; venture partner Clelia Warburg Peters; and investors Zeeza Cole, Ashley Paston, Allison Xu and Amanda Zajac.
BCV raised two funds totaling $1.3 billion. The firm secured $950 million for its ninth core fund that will target early-stage startups. It also raised a $350 million co-investment fund for larger growth opportunities.
BCV now has $8.3 billion in assets under management. Over the past year, it has made 37 new seed and Series A investments.