Technology fund targets wealthy entrepreneurs

The fund’s founder Jean-Bernard Tellio is understood to be looking for E400m from European and US private investors.

Jean-Bernard Tellio, a former director of Carlyle Internet Partners Europe, has set up a new venture capital fund with a target of E400m.

The fund is seeking contributions from European and US entrepreneurs who will invest approximately $2m in personal cash each, according to the Financial Times.

The newspaper reports that likely subscribers include: Larry Ellison of Oracle; Tim Koogle of Yahoo!; Eric Benhamou of 3com; Pierre Omidyar of eBay and Craig Barret from Intel.

The fund’s attractions include the fact that it will offer help with contacts and advice. Five per cent of its profits will go to children’s and educational charities.