Prime Technology Ventures III raises €150m

The European IT-focused venture capital firm has grown its team as it looks to deploy Fund III.

Amsterdam-based Prime Technology Ventures has hit its €150 million target for PTV III, nearly three times the size of its predecessor, which closed on 52 million in November 2001.

PTV III started marketing in June 2007 and held a first close in September 2007 on €60 million. Commitments came from investors including  Adams Street Partners, Feri Trust, Philips Incubator and Parcom Ventures, the private equity arm of Dutch bank ING Group.

The fund will target opportunities in the information technology sector, across northern Europe.

The firm is also growing its team; the founder of new investor Philips Incubator, Jelto Kromwijk Smits, has agreed to join the PTV investment team, as has Joost Holleman, a former principal at AlpInvest Partners.

PTV is one of the few Dutch venture firms to have survived the the dotcom bubble. Only four of the 15 funds which were active in the Netherlands at the turn of the century are in existence today, according to the firm.

PTV said it is well-placed to weather current market turbulence as well.

“It is obvious that banks and other financial institutions are looking after themselves and are not lending. This combined with the feeling that institutions do not want to invest in shares or any other traditional options means there are opportunities for venture capital,” a spokesman for the firm told PEO.

The firm has approximately €300 million under management.