Siemens launches $200m VC fund of funds

The venture capital arm of German technology firm Siemens has raised almost half of its $200m target.

Germany-based Siemens Venture Capital (SVC) has held a $100 million first close on its debut venture capital fund of funds, Global Innovation Partners I.

The fund, which is targeting $200 million, has received commitments from the German Siemens pension funds and two undisclosed European insurance companies.

The target portfolio will include about 20 growth capital and venture funds, with two-thirds of investments intended to be made in North America and the rest to be made into funds in Europe, Israel and Asia, the company said.

SVC has invested more than €800 million in over 150 companies and 40 venture capital funds since it was formed in 2001. Parent company Siemens, which is one of the largest global electronics and engineering companies, reported sales of more than €77 billion for 2008.

Venture capital fund of funds are less prevalent than private equity fund of funds. Switzerland-based Adveq closed a €296 million fund of funds in August last year for investment in venture funds. US firms HRJ Capital and Knightsbridge Venture Capital have also raised similar vehicles.