18 February 2016

€180 Million Venture Capital Fund Established in Guernsey

Lawyers from Carey Olsen's Guernsey funds team have advised Creandum on the establishment of their latest venture capital fund, Creandum IV, which was oversubscribed and held a first and final closing at €180 million.

Private Equity Administrators Limited, Creandum's long term administrator, has again been appointed to provide administration services to the new fund.

Venture capital firm Creandum has 12 years' experience with over 50 start-ups, mostly focusing on the Nordic region. Creandum IV represents their largest early stage fund and was backed by a diverse global investor base from the Nordic region, Europe, the Middle East and North America.

The fund will provide early stage investment for European technology companies with the potential to invest up to €20m over a company's lifecycle. The fund will also support the US expansion of European technology companies at a time when the European tech scene is strengthening.

The Carey Olsen legal team was led by partner David Crosland and included Chris Hutley-Hurst, Claire Cooke and Rachel de la Haye who advised on the Guernsey aspects of the fund's establishment.

Partner David Crosland said: "We are seeing a surge in popularity for European venture capital but the speed and success of this fundraising is testament to Creandum's stellar track record and reputation in this field. We were really pleased to continue our long association with Creandum and to help them with this launch."

James Orrick, Managing Director of Private Equity Administrators Limited, said: "Working on Creandum’s fourth fund represents a very satisfying endorsement of our approach to client service. We are delighted to have supported such a successful fund launch and are very much looking forward to working with Creandum on their new venture."