| A new London
based venture fund: FOCUS, partnered with NVG, is a Managing
Partner
Seraphim Capital is a new growth stage venture
fund, headquartered in London, in which FOCUS
and the New Vantage Group, of Vienna,VA have formed
a joint venture (NVG/FOCUS Management, LLC) to become one of
four managing partners.
The $60 million fund, at today’s exchange
rate, is one of six awarded in a new UK government program, based
on the US SBIC model, which enables the fund to take advantage
of government provided leverage on attractive terms. Investment
in about 20 companies over a 4-5 year period is anticipated.
The fund which will lead and co-invest has a standard 10 year
life.
Seraphim is technology agnostic and will invest
in companies that are up and running and need an equity boost
to grow to profitability. A strong group of UK based partners
includes Archangel Informal Investment, Edinburgh; Entrust, Newcastle;
PI Capital, The Summit Group and Greater London Enterprise, London.
Because it is angel managed, Seraphim is exempt from compliance
with FSA (Financial Service Act) regulations in the UK, a distinct
cost advantage.
With satellite offices in Birmingham, Newcastle
and Edinburgh, the fund will invest in UK domiciled companies
on a national basis. The participation of NVG/FOCUS, the only
US entity in the program, means that due diligence on potential
portfolio companies can be framed in a US context. It also means
that portfolio companies will have a unique opportunity to achieve
a soft landing as they expand into the American market.
Seraphim’s investment criteria: a candidate
portfolio company will be UK domiciled, with a technology or
service in place, already making sales but requiring an equity
boost to attain profitability.
For more information on Seraphim Capital,
call FOCUS partner, Gerald Turner at 202 470 1972 or email
at: gerald.turner@focusbankers.com. |