Isomer Capital has picked up a €75m cornerstone commitment for its newly-launched second fund targeting early-stage tech-focused European venture capital managers.
British Business Investments, a commercial subsidiary of the British Business Bank, has made the commitment – its fourth commitment through its £500m Managed Funds Programme.
Isomer II will also pursue a co-investment strategy, investing alongside its fund managers, with additional capital made available for the most promising, high-growth companies from the underlying portfolio.
Joe Schorge, managing partner of Isomer Capital, said, “We are thrilled to launch Isomer II with the support of British Business Investments, alongside existing and new institutional partners from Europe, Japan and the US.
“Today’s entrepreneurs are powered by stronger ambition, innovation, and technology than ever, and the COVID-19 crisis highlights how vital their solutions are for business and society.
“Isomer Capital II follows the same investment strategy as its predecessor, which has diversified exposure to over 600 high-potential technology companies in 30 countries, including some of Europe’s most well-known unicorns.”
Judith Hartley, CEO of British Business Investments, added, “Isomer Capital is a good example of a new breed of specialist fund of fund managers that we are starting to see emerge in the UK.
“Isomer Capital is the only UK headquartered, 100% venture focused fund of funds manager, with an entirely UK based team.
“The team has venture capital at its core, blending both entrepreneurial and investment experience.
“With a focus on early stage managers, this commitment will bring diversity to the Managed Funds programme at the investment level, whilst supporting earlier-stage innovative businesses across the UK with the capital they need to scale-up and compete on the global stage.”
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