Binnie launches independent fund

The former head of Schroder Finance Partners has announced details of a $75m fund focusing primarily on Spain.

Stewart Binnie, former head of Schroder Finance Partners, has announced plans to launch a new independent fund. ForTrust Fund 1, LP will target enabling technologies in the financial services, healthcare and energy sectors.

Around two-thirds of the fund will be invested in Spain, with the remainder targeted at companies in the UK and France. To date, ForTrust has secured the backing of Deutsche Bank, which provided $2.5m to finance the fund’s initial activities and enabled a first closing in November. Binnie hopes to raise $50-75m by October 2002, including an additional $2.5 million from Deutsche Bank when the fund passes the $25m mark.

ForTrust is targeting three groups of investors: fund-of-funds, strategic investors (utilities and financial services companies looking for new technologies and new customers) and technology providers.

ForTrust has offices in London, where Binnie is based, and in Madrid where the firm has two partners, Nicolas Goulet and Roberto Saint-Malo, previously with the Monitor consulting group and Latin Rim Fund respectively.