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March 29, 1988

CHARTERHOUSE UNVEILS SECOND HIGH-TECH VENTURE CAPITAL FUND

By CBR Staff Writer

Charterhouse has launched a UKP40m venture capital fund targeted at technology-based unquoted companies in the UK and continental Europe. It is the company’s second technology fund: the first started life with UKP16.5m four years ago. The second venture fund will widen the initial fund’s skills base, size of investments in companies and geographical spread compared with the UKP10m already invested in 21 new technology companies spanning health care, biosciences, instrumentation, environmental management, new material applications and information technology including computer hardware and software. The fund will be managed by Charterhouse’s new wholly-owned subsidiary Charterhouse Second Venture Fund Ltd and institutions and corporations will be limited partners. Capital for the second fund will be released in four annual UKP10m installments starting this year. Charterhouse Bank Ltd, has been appointed sponsor and the independent Rovid Technology Partners will act as investment advisors. Charterhouse is currently negotiating with German and French venture capital groups with a view to establishing joint partnerships with them in a drive to establish a stake in companies poised to take advantage of the dismantling of trade barriers within the EEC in l992. The second fund will also aim to attract US software houses seeking to set up operations in Europe and expects to back up to four software companies targetting vertical markets. Charterhouse’s first venture fund has grown by 46% and the company will be making distributions of UKP6m to unit holders in 1988.

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