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Fourth fund for Jerusalem Venture Partners

The $400m fund will be invested in communications and Internet infrastructure companies operating in Europe, the US and Israel.

Jerusalem Venture Partners (JVP) has closed its fourth fund at $400m. JVP IV will invest in early stage communications and Internet infrastructure companies operating in Europe, the US and Israel.

To date the group has not invested in Europe, although Laurel Bowden, head of the recently established European office for JVP, said the firm had always keen looking to do it. “The completion of this latest fund marks the first time JVP has had people on the ground in Europe,” she said.

Consequently the group hopes to now add a number of European companies to its portfolio, Bowden said. “Our focus has always been the communications and Internet infrastructure markets – it’s what our managers know.”

There are no fixed allocations for the fund, but it is likely that 20 to 30 per cent will be invested in European companies, with the US and Israel taking 35 to 40 per cent each, said Bowden.

JVP IV has already participated, alongside other venture capital firms such as Battery Ventures, Apax Partners and 3i, in six technology investments worth $47m.

JVP’s first three funds, totalling $255m, are fully committed. Since the company’s creation in 1993, the firm has enjoyed nine successful IPOs, and several trade sales including the $5bn sale last year of US company Chromatis to networking giant Lucent.

A number of limited partners have joined the latest fund including HarbourVest Partners, Adveq Management and The Techion. The firm’s existing network of limited partners includes France Telecom, AXA, and Merrill Lynch Ventures. JVP has offices in London, New York and Jerusalem.