Carey Olsen’s investment funds team in Guernsey, together with fund administration specialist Private Equity Administrators Limited (PEA), have assisted Creandum on the establishment of Creandum V, a €265 million venture fund focusing on early-stage opportunities across Europe.
Following strong demand from existing and new investors, Creandum V was heavily oversubscribed and enjoyed re-commitments from all institutional investors in Creandum IV, while also attracting several new investors primarily from the US. The fund will follow the same strategy as previous Creandum funds and provide early stage investment for European technology companies.
The Carey Olsen team advising on all Guernsey aspects of Creandum V’s structuring, establishment and closing was led by partner David Crosland with assistance from senior associate Chris Hutley-Hurst.
David said: “Creandum has a stellar reputation in the European venture capital space and it was no surprise to us to see Creandum V enjoy such a smooth and significant fundraising. Carey Olsen has been privileged to work with Creandum for some time and it was pleasing to see its latest Guernsey fund garner such positive attention from investors.”
PEA, Creandum’s long term administrator, has once again been appointed to provide administration services to the new fund. James Orrick, managing director of PEA, said: “Working with Creandum and the investors in the fund to support this hugely successful launch highlights PEA’s expertise as a boutique venture capital service provider, and our awareness of investor requirements.
“Meeting the deadlines that are often involved in such launch projects is entirely a team effort and is made all the more possible through Guernsey’s agility as a specialist fund jurisdiction. Congratulations to Creandum on this remarkable fundraising of their fifth fund.”
Since 2003, Creandum funds have invested in more than 70 companies, including the likes of Spotify, Vivino and iZettle. Indeed, Creandum II, which saw Creandum become the first venture capital investor in Spotify and iZettle is, according to industry experts, Europe’s best performing institutional venture capital fund ever.