Luxembourg-based Cipio Partners, an investment management and advisory firm that invests in European growth-stage technology companies, announced on Wednesday that it has closed its latest fund, Cipio Partners Fund VIII (CPF VIII), with €202M in commitments.
Roland Dennert, Managing Partner at Cipio, says, “Considering current market uncertainties, the closing of CPF VIII comes at a perfect time and leaves Cipio well-positioned and well-capitalised to take advantage of the market opportunities for investments into European growth-stage technology companies.”
About Cipio Partners
Founded in 2003, Cipio Partners claims to be one of the early pioneers of growth equity investments in continental Europe, combining primary growth capital with minority buy-out options to provide liquidity for founders and early investors.
The firm targets European growth-stage technology businesses with €10M to €50M in revenue and makes initial investments ranging from €5 to €15M. Typical sectors the firm invests in are software, technology-enabled B2B products and services, components, and consumer internet. Cipio currently operates from offices in Munich and Luxembourg.
Following the investment strategy of CPF VII
According to a statement, CPF VIII will follow the same investment strategy as its €174M predecessor fund, Cipio Partners Fund VII (CPF VII), which held its final closing in 2017. Since its inception, CPF VII has invested in 16 technology companies that are on the verge of profitability across Germany, France, Scandinavia, the UK, Ireland, and Spain.
Cipio claims that after only a few years, CPF VII delivered substantial returns to its investors from multiple exits, including the sale of Brightpearl to Sage Group, the sale of Openet to Amdocs, and the acquisition of Falcon by Cision.
The investors
CPF VIII’s support came from a combination of institutional and family office investors across Europe and the US, and includes almost all investors from CPF VII. Institutional investors include sovereign investors as well as several European banks and insurance companies.
Diana Meyel, Managing Partner at Cipio Partners, says, “We are very proud to have reached our target fund size and are thrilled with the support we received from all our loyal returning investors as well as new investors. The increased fund size and strong backing by leading institutional and family office investors marks a major milestone for Cipio and is a testament to Cipio’s performance, our team and leadership in the rapidly expanding European growth-equity market.”
The CPF VIII fund has already invested in two European growth companies – Nuki, an Austrian smart-home developer, and Navvis, a Munich-based end-to-end solutions for reality capture and so-called “digital twins.”