The Carlyle Group has announced details of its investment in Reef, a Belgium-based global provider of e-business software applications. Carlyle Group led the E30m third-round funding through its E730m Carlyle Europe Venture Partners fund.
Additional investors included 3i, which led the company’s previous round of funding in October 2001, IDG Ventures Europe, Finafund (Europe) and Viventures. SG Cowen Securities acted as placement agent and also invested in the round. The company aniticipates that this latest round of funding will take it to profitability, although it has left the round open to additional financing for the first quarter of 2002.
Following this round of investment, Michael Wand, director of The Carlyle Group, will join the Reef board of directors.
The Carlyle Europe Venture Partners fund is currently being overseen by Jacques Garaïalde, who took over after the departures of Jean-Bernard Tellio and Tim Jackson last year.
Recent reports suggested that Carlyle might intend to release limited partners from their commitments. Commenting on the reports, Daniela Zuin at Carlyle Group said: “The future of the Carlyle Europe Venture Partners fund has not been decided as yet, although a decision will be made later this year.” The fund is currently finalising three new investments, Zuin said.