BERLIN (07/05/2000) - The creators of venture capital fund Bertelsmann Ventures LP announced Wednesday the launch of a new Internet fund with a broader group of investors.
BV Capital Fund II will have capital commitments of US$250 million from international investors, including Bertelsmann AG, America Online Inc., Stanford University and Sumitomo Corp, said spokesman Jens Fiege.
The new fund succeeds Bertelsmann Ventures, which had capital of $75 million, all of it from Bertelsmann. "That's why we changed our name to BV Capital, to demonstrate to the market that we have more than one investor," said Fiege. He added that Bertelsmann Ventures will be continue to exist for a few years, until it has wrapped up all its current investments.
BV Capital Fund II is headed by Jan Henric Buettner, along with Wolfgang Rose, Mathias Schilling and Thomas Gieselmann. The team is currently seeking investments in Internet ventures in the U.S. and Europe, said Fiege.
"We always invest in companies where we believe there's a very strong growth potential," he said. "We are very, very picky in our investments. As an example, last year we had approximately 3,000 proposals on our table and made only 10 investments."
He added that when the fund makes an investment, it stays actively involved in helping the venture succeed. "Despite the recent market shakeup, all our investments are doing well," said Fiege.
BV Capital Fund II, can be reached in Santa Barbara, California, at +1-805-568-1514; in Hamburg, Germany, at +49-40-303-82468; or on the Web at http://www.bvfund.com/.