Industry news / 16 October 2019
Crestbridge supports €100m tech-focused venture fund
Crestbridge has been selected to provide Luxembourg fund manager services for an innovative new venture fund launched to support innovation and growth within the games, e-sports and digital sports sector.
By drawing on its well-established Management Company (ManCo) framework in Luxembourg, Crestbridge will provide AIFM and EuVECA manager services to the new €100m Hiro Capital fund, which aims to back future leaders in the UK and EU games, e-sports and digital sports sectors by investing in games studios and technology.
As well as being appointed as AIFM and EuVECA manager to the fund, Crestbridge will also provide a specialist director. Currently, Crestbridge is the only third party ManCo in Luxembourg able to offer the EuVECA licence, which it obtained in 2015.
Under the EuVECA regime, qualifying funds can be marketed to a wider range of investors and at lower cost than through the AIFMD regime. The EuVECA regulation became applicable in EU Member States in 2013 and provides for a common EU framework for fund managers of certain venture capital funds which place a percentage of investments into supporting young and innovative companies in Europe and which fall below the AIFMD threshold of €500 million.
In 2011, Crestbridge also became one of the first firms to establish a ManCo in Luxembourg, for both UCITS and alternative investment funds.
Daniela Klasén-Martin, Managing Director of Luxembourg and Group Head of Management Company Services at Crestbridge, said:
“We are committed at Crestbridge to being at the cutting edge of the pan-European alternative funds business, and I’m delighted to be able to draw on our unique proposition in Luxembourg to support innovative venture funds like this. Through our EuVECA platform, which complements our existing AIFM and UCITS ManCo capabilities, we are able to support venture capital fund managers with their marketing and distribution throughout Europe, and play a role in stimulating growth and fostering entrepreneurship in Europe.”
Through its office in Luxembourg, Crestbridge is a leading independent provider of fiduciary, governance and administration services. It offers a comprehensive range of services including UCITS, AIFM and EuVECA Management Company services and Independent Risk Management solutions.