Auriga Partners makes first closing on fourth fund

The firm expects to hit the E150m target set for Auriga Ventures II in the first quarter of 2002.

Auriga Partners, a French venture capitalist, has secured E51m for the first closing of its fourth investment fund, Auriga Ventures II.

The firm began fundraising earlier this year and expects to hit its target of E150m during the first quarter of 2002. In addition to the first closing, the firm has E70m committed from several new institutions, said Patrick Bamas, a founding member of Auriga Partners.

The investors involved in the fund’s first closing is a mix of industrial companies such as AXA, CDP Sofinov (Caisse de Dépôt et Placement du Québec) and Chevrillon Associés, and individuals including the management team.

The fund will be managed by the group’s founding team – Patrick Bamas, Jacques Chatain and the chairman Bernard Daugeras, and will be used to invest in early stage technology companies operating across Europe, the US and Israel. 50 per cent will be committed to life sciences companies and 50 per cent to IT ventures, said Bamas.