Hazem Ben-Gacem, Investcorp’s Co-Chief Executive Officer
European technology investor, Investcorp Technology Partners, has closed a transfer of two portfolio companies in its ITP Fund III, with a combined enterprise value of $185 million.
The two companies were moved to the continuation vehicle, Investcorp Secondary Fund 2018 L.P., which is supported by the independent global private markets investment firm, HarbourVest.
Investcorp Technology Partners focuses on investing in fast-growing founder-owned, European-headquartered businesses with equity cheques of $25 million to $50 million.
It has raised over $1.5 billion in funding for lower middle-market technology investments since 2001. The group mainly targets the data/analytics, IT security, fintech/payments and internet/mobility sectors.
“Our third technology fund has performed very well in recent years. This commitment from HarbourVest demonstrates their belief in us as one of the leading lower mid-market investors in Europe”, Commented, Hazem Ben-Gacem, Investcorp’s Co-Chief Executive Officer and a Managing Partner of the Investcorp Technology Partners group of funds.
ITP recently announced the close of its fourth Technology Fund, ITP Fund IV, L.P. (ITP Fund IV); a $400 million pool, which closed in excess of its target.
The new fund has already completed five investments, including in softgarden, a Human Resources software provider; Calligo, a proprietary cloud solution company; and Ageras, an online marketplace matching SMEs with professional service providers.
It also invested in Impero, a provider of online student safety and classroom and network management software; and SmartSpace, an enterprise software and sensor platform.
As of June 30, 2018, the Investcorp Group had $22.6 billion in total assets under management, including assets managed by third party managers, and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.
Since its inception in 1982, Investcorp has made over 175 Private Equity deals in the U.S., Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials.