LGT Capital Partners closes Crown FoF

Having raised E192m for Crown Technology Ventures, the fund of funds manager says there are plans to create a new buyout vehicle.

LGT Capital Partners, the Swiss-based alternative asset manager, has closed its Crown Technology Ventures fund at E192m, in line with its E150m-E200m fundraising target.

Crown, which will make investments in a diverse range of venture capital funds, has attracted institutional investors from Germany and Austria. The fund has already invested E100m in 22 venture capital funds and plans to look for similar investments.

Giacomo Biondi Morra, vice president at LGT Capital Partners, said: “We are pleased that we have achieved our target for the Crown Technology Ventures fund in what are difficult market conditions. With this program, our strategy is to create a well-diversified investment program that will make investments in venture capital across the US, and Europe. It is an ideal core position in venture capital for private and institutional investors to build a private equity portfolio.”

German-based Solutio acted as the placement agent for the fund raising, which was co-ordinated by Maximilian Broenner, partner at LGT Capital Partners.

Biondi Morra also confirmed that LGT is planning to launch a fund later this year, specialising in buyouts. 'In mid-2002 we intend to develop a similar-sized fund dedicated to the buyout market. As with Crown Technology Ventures, this fund will be aimed at institutional investors, with a minimum investment level of E5m.'

LGT Capital Partners has E2.8bn of assets under management. The team of over 40 investment professionals is also responsible for the investment management of two investment companies listed on the Swiss and Luxembourg exchanges since 1997, Castle Private Equity and Castle Alternative Invest.