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Alven holds first close on €80m(4)

French venture capital firm Alven Capital has had its first close with 80 percent of capital raised.

French venture capital firm Alven Capital has had the first close on a third generation fund at €80 million 6 months after fundraising began. The Fund has a target size of €100 million.

The fund has attracted previous investors such as CDC Entreprises as well as ten more French and European institutional investors including funds of funds, pension funds and insurance companies as well as several family offices.

The venture capital firm maintains its focus on “low tech” and fast-growing French companies.

Alven Capital was founded in 1999 by Guillaume Aubin and Charles Letourneur. Nicolas Célier, partner, joined the team in 2005.

Calyon is acting as placement agent and Olivier Dumas from Proskauer Rose is acting as legal advisor.