By Andrei Skvarsky.
Da Vinci Capital, an emerging markets private equity fund manager, has launched its third successive fund, Da Vinci Emerging Technologies Fund III, with German state-owned development finance institution DEG having pledged to be an anchor investor in it.
DEG (Deutsche Investitions- und Entwicklungsgesellschaft) made a pledge in December 2019 to invest more than $30m in Emerging Technologies Fund III, Da Vinci said in a statement.
The fund will invest in high-growth technology companies with operations in non-Russian republics of the former Soviet Union and other European emerging markets.
Da Vinci plans the fund’s first closure with a target of $100m for the second or third quarter of 2020 and its final closure with a target of $300m for mid-2021.
Da Vinci, which is based in Guernsey and also has offices in London, Moscow and Hong Kong, has about $400m under management and is backed by development finance institutions and private sector institutional investors.
Da Vinci’s record includes an investment in Pennsylvania-based information technology services provider EPAM Systems, which, via its initial public offering (IPO) in 2012, generated threefold cash-on-cash returns for investors in Da Vinci’s first fund and today has a market capitalisation of more than $10bn.
DEG is a unit of German state-owned development bank KfW. KfW seeks to promote sustainable finance in Germany and worldwide. It has 80 representative offices across the world.
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