German venture capital firm Target Partners has held a final close of its second fund with €113m in commitments, just short of its initial €120m target.
The firm held a €61.5m first closing in March 2008.
Investors in the vehicle include Bayerische Beamten Lebensversicherung, CAM Private Equity, Capital Dynamics, Etera Mutual Pension Insurance Company, Invesco Asset Management, LGT Capital Partners, Morgan Stanley Alternative Investment Partners, RWB and a number of family offices.
Target plans to invest the fund in around 20 technology companies in the IT, internet, media, semiconductors, telecommunications, alternative energies, cleantech, microtechnologies and nanotechnologies sectors, according to partner Berthold von Freyberg.
The vehicle’s geographical remit mainly covers Germany, Austria and Switzerland.
Existing investments include German home shopping channel 1.2.3-TV, mobile device management software platform Ubitexx, and P21, a developer of power back-up systems based on fuel cells.
Past exits include the sale of Wifi provider WLAN to Swisscom in 2003, and of Nawotec, a developer of nanotechnology for semiconductor manufacturing, to Carl Zeiss in 2005.