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Wheb Reels in $102 million for Venture Fund From Private Investors and Families
September 9, 2008Source: New Energy Finance
Wheb Ventures has raised from private investors and family offices
more than a third of the $267 million it is aiming to secure for its
second clean tech VC fund.
The London based fund manager will announce on Monday that it has
reached a figure of $102 million at first closing for the fund,
which will be known as Wheb II. The company's first fund of
approximately $42 million was raised in 2005, and it has made eight
investments so far.
Wheb aims to raise the remainder of the $263 million minimum for its
second fund from institutions over the next few months.
The company has four partners - James McNaught-Davis , formerly of
Misys, Warburg Pincus and Advent; Rob Wylie, formerly of Shell and
Rothschild; Kim Heyworth, formerly of KPMG, and Ben Goldsmith, who
worked as a broker before getting involved in clean technology
investing.
Goldsmith told New Energy Finance that the sector coverage would
be "broad based clean tech" - energy, water, waste and the appliance
of material science. The balance would depend on "what deals come
through the door", although the flow of potential deals with the
first fund has been about 40% renewable energy or energy efficiency.
He said that some of the valuations in clean energy remain too high,
and that he is keen on the waste sector. But he added: "Right now,
clean tech venture capital is not too crowded in Europe, and there
is a really good collaborative feel."