Prime Technology Ventures has hit the €150 million target for its third fund, and says it is headed toward an undisclosed hard cap. The European venture firm also named two new partners: Jelto Kromwijk Smits, former CEO of Philips Incubator, and Joost Holleman, formerly with AlpInvest Partners.
The Amsterdam and Cambridge based venture capital firm, Prime Technology Ventures (PTV), has reached its target fund size of Euro 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.
“We are also excited by our latest additions to the team, Jelto Kromwijk Smits and Joost Holleman”, Sake Bosch continues. “Jelto founded the Philips Technology Incubator which was set up to further institutionalize Philips’ efforts in creating high-potential technology ventures with which Philips has been so successful in the past (e.g. ASML, JDS Uniphase, Navteq). Jelto is also well connected in the broader technology industry surrounding Philips.” Jelto adds: “Making the step to principal investing comes natural to me after starting numerous businesses within Philips. I am excited to continue investing in start-ups, teaming up with a high quality team and adding my knowledge and network.”
“And Joost Holleman”, Sake Bosch says, “has a complete overview of and an extensive network in the VC industry that will help us in further building our organization. He will professionalize our investor relations activities and support the growth of our activities and organization we are now experiencing.” Joost Holleman adds: “in the VC industry PTV is one of the few firms that can present a good track record to its investors after the burst of the bubble. With the current fund PTV grows even stronger and I am thrilled to join.”