RISINGSTARS GROWTH FUND II LAUNCHED
24 April 2006
Enterprise Ventures, the North-West based venture capital management company, has acheived a first closing of its new ten year venture capital Limited Partnership Fund, RisingStars Growth Fund II. The new Fund will follow the successful RisingStars Growth Fund, rasied in 2002/03.
The first closing totalled £10m, including £6m fron existing institutional clients, with £4m committed by new UK and overseas institutions, already matching at first closing the total funds rasied from institutional sources in the first RisingStars Growth Fund.
Whilst the geographical focus of the first Fund was solely the North of England, the new Fund will invest in early stage and proof of concept technology opportunities located throughout the North of England, heralding a significant extension of EV's activities in the North East and Yorkshire regions.
The RisingStars Growth Funds invest in businesses which exploit new technologies, with protectable intellectual property rights, and with the capability to grow rapidly to compete in global markets. Particular areas of interest and expertise are sfotware, healthcare, materials and environmental/green technologies.
From a proof of concept investment of £50,000 to a major stake in a fully fleged business listing on AIM, RisingStars has demonstrated that there are extraordinary talented management teams working throughout the North of England who, given appropriate funding support, can compete on world markets and achieve significant returns.
Jonathan Diggines, who joined EV as Chief Executive and invested to take a significant equity position a year ago says, "The new Fund is a real step forward in that it builds upon the remarkable story of the RisingStars Growth Fund. A key aim at the time of the first RSGF fund raising, as with many other funds seeded with public monies, was that any follow-on fund would not need to draw upon public funds. e beleive this is the first follow-on Fund to achieve this".
"The successful first closing is a strong endorsement of recent developments at EV, which is on track to meet its objective of becoming one of the leading venture capital and private equity players in the English regions. We now have in excess on £50m under management".
Firstly, I would like to extend our appreciation of the work of RisingStars Growth FUnd Manager, Colin WIllis, and his team of four. Thanks also go to our clients and supporters, for the long term commitments shown to the new RisingStars Growth Fund II, and to EV's wider investment activities".
ENDS
Notes to Editors
Further details
RisingStars Growth Fund II will provide start up/early stage risk finance to high growth technology companies located in the North of England, inclusing the North East and Yorkshire, at the seed or start-up phase, and will also invest at the proof of concept stage.
Companies must demonstrate real commercail prospects, and are likely to receive the funding in stages against development milestones.
In addition to finance, EV offers expertise in assisting companies with their strategic, technical and market development.
Contact details
Jonathan Diggines
01772 270586
Colin Willis
01772 270578
Deborah Moon
01772 270572
Email: risingstars@enterprise-ventures.co.uk
Web: www.rsgf.co.uk