Temasek-backed Jolt Capital plots latest fund – exclusive

The European tech-focused manager is eyeing more than double the figure it raised for its predecessor vehicle in 2017.

Jolt Capital, a Temasek-backed growth equity firm, is set to hit the fundraising trail with its fourth vehicle, Private Equity International has learned.

The Paris-based firm is in pre-marketing for Jolt Capital Fund IV, which will target around €200 million, according to a source with knowledge of the fundraiseThe firm is looking to officially begin fundraising in the coming weeks and plans to tap more North American LPs.

Investors in Jolt’s previous funds include Temasek subsidiary Vertex Ventures, Mutuelle des Assurés Sociaux de France, Danish state investment fund Vaekstfonden and European investment firms and family offices, according to the source.

The tech-focused firm gathered €15 million for its debut vehicle in 2011, €45 million for its second fund in 2015 and €85 million for its third offering in 2017.

The firm makes growth capital investments in mainly Europe-based technology companies with annual revenues of between €10 million and €100 million. Its portfolio includes French semiconductor and robotics company FOGALE Nanotech and micro optics company Heptagon and German laser machine maker 4JET.

Jolt declined to comment on fundraising.

Fundraising by growth equity-focused funds reached $24.9 billion across 23 funds in the first quarter of this year – the highest first quarter growth for the strategy in a decade – according to PEI data. Growth investing is set to expand this year, as newcomers such as venture funds and big buyout shops tap into the space for increased dealflow.

The S$308 billion ($229 billion; €202 billion) Temasek has been an active investor in early-stage tech companies since 2014. The state investor had said in 2017 that technology is a key area of investment for the next five years and will explore investments in artificial intelligence and blockchain.

Meanwhile, investment in technology by French private equity firms saw strong growth in 2018, according to the latest data from industry association France Invest. A total of €1.8 billion across 569 transactions were recorded last year, approximately €400 million more than 2017.