Shackleton helps 3i to venture exits(2)

The secondaries venture fund manager is acquiring a portfolio of four venture investments from 3i for an undisclosed sum in its first portfolio deal.

Shackleton Ventures, a secondaries venture capital firm, is buying four investments from 3i, Europe’s largest quoted private equity group.

The companies concerned are primarily involved in information technology, communications and healthcare, including Global Computer, a provider of specialist inventory management facilities worldwide for IT companies, and Data Encryption Systems, a leading producer of software and data protection devices.

Shackleton is considering providing further investment to enable the companies to grow faster ahead of a profitable exit, or is restructuring the investment to improve incentives for the management of the portfolio companies. 

The fund can draw on investment of up to £20m and is backed principally by a leading European-based fund of funds investor with more than €1 billion under management.

The fund was formed in July 2006 and has acquired a 20% interest in Pancredit, a supplier of consumer finance software and lending system solutions.