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Capital V #4 Creating a Hub for Innovation: Roundtable Venture Capital in Luxembourg

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Proprietary magazine of the Luxembourg Private Equity & Venture Capital Association www.lpea.lu Index 5. Editorial Welcome to capitalV 6. 3TS Interview At the forefront of world-changing technology 10. Trends Crowdinvesting – making the Private Equity industry accessible for everyone? 14. Roundtable Venture Capital in Luxembourg: creating a hub for innovation 18. Microfinance Bamboo Finance – a pioneer impact investor with track record 20. Trends ESG: the growing elephant in the Private Equity room 22. Products Private Debt Funds – an evolving asset class 25. Regulatory AIFMD — Navigating the distribution maze 29. Life in Luxembourg Discover another Luxembourg 34. Event calendar
  • 1. The magazine of the Luxembourg Private Equity& Venture Capital Association V#4 capitalCREATING A HUBFOR INNOVATION:ROUNDTABLEVENTURE CAPITAL IN LUXEMBOURG

2. Need help with fund formation?Loyens & Loeff is a leading Luxembourg law firm providing comprehensive and fully integratedlegal and tax advice in relation to fund structuring. We assist our clients in the structuring andimplementation of alternative funds pursuing all major investment strategies including private equity,real estate, hedge, infrastructure, mezzanine, healthcare, renewable and alternative energy as well asUCITS.Our investment management practice is the largest in the Benelux, including one of the largest teamsin Luxembourg, offering a full range of investment management services.Contact: Loyens & Loeff Luxembourg S. r.l., 18-20 rue Edward Steichen, L-2540 Luxembourg, T +352 466 230www.loyensloeff.lu2 capitalV #4 3. Content5. EditorialWelcome to capitalV6. 3TS InterviewAt the forefront of world-changing technology10. TrendsCrowdinvesting making the Private Equity industryaccessible for everyone?14. RoundtableVenture Capital in Luxembourg: creating a hub forinnovation18. MicrofinanceBamboo Finance a pioneer impact investorwith track record20. TrendsESG: the growing elephant in the Private Equity room22. ProductsPrivate Debt Funds an evolving asset class25. RegulatoryAIFMD Navigating the distribution maze29. Life in LuxembourgDiscover another Luxembourg34. Event calendar#4 capitalV 3capitalVThe magazine of LPEAEditorial: Paul Junck, Jrme Wittamer,Nicolas Bernhardt, Luisa Deas, Anja Grenner,Valrie Tixier, Jane Wilkinson.Conception & coordination: 360CrossmediaCover photo: DRDistribution: 1000 copiesDisclaimer: To the fullest extent permissible under applicable law, LPEAdoes not accept any responsibility or liability of any kind, with respect tothe accuracy or completeness of the information and data from thisdocumentation. The information and data provided in this documentationare for general information purposes. It is not investment advice nor can ittake account of your own particular circumstances. If you require anyadvice, you should contact a financial or other professional adviser. Nomaterial in this documentation is an offer or solicitation to buy or sell anyprofessional services, financial products or investments. 4. 4 capitalV #4Your premium corporateservices provider inLuxembourgCapita Asset Services in Luxembourg focuses onthe provision of corporate services delivered witha highly professional and personalised touchCapita Asset Services offi ces location:Our team has a wealth of experienceand knowledge in accounting, company lawand administrative services to providethe following: Setting up a Luxembourg entity Company administration and secretarial services Organisation of your business platform Domiciliation services Accounting services Tax administration services Fund administration (AIF).Corporate Services under combined ISAE 3402/SSAE 16 ExaminationWe are Capita Asset Services, a division of Capita plc, a FTSE 100 company and the UKs leadingprovider of business process management and integrated professional support solutions.We fi rmly believe that one size doesnt fi t all, so our solutions are specifi cally designed around ourclients needs. Whether its providing corporate, private client, treasury, debt or fund administration orshareholder and employee solutions, Capita Asset Services can help you manage and grow your business.We have over 2,500 professional staff dedicated to making your life easier by deliveringservice excellence and creating effi ciencies for your organisation. Our operations are basedin the UK, Ireland, Jersey, mainland Europe and India, with representative offi ces in the USand Asia we have over 4,000 multinational and UK based clients and relationships.Further information about our full range of expertise can be found at www.capitaassetservices.com.Capita Asset Services is a trading name of Capita Fiduciary SA, which is regulated by the Commission de Surveillancedu Secteur Financier. Registered offi ce: 16 Avenue Pasteur, L-2310 Luxembourg. R.C.S. Luxembourg B 117939.www.capitaassetservices.comAMSTERDAMBUDAPESTContact usBruno BeernaertsManaging DirectorTel: + 352 44 09 29Email: [email protected] GambardellaClient DirectorTel: +352 44 09 29Email: [email protected]EYLUXEMBOURGLONDONZURICHNEW YORKREPRESENTATIVE OFFICEFRANKFURTSINGAPOREREPRESENTATIVE OFFICE 5. Editorial#4 capitalV 5DEAR PRIVATEEQUITYPROFESSIONALS, 360Crossmedia/L.D As incoming chairman, I am delighted to welcomeyou to this fourth issue of Luxembourg Private Equity& Venture Capital Associations (LPEA) proprietarypublication, capitalV. This edition focuseson Luxembourgs Venture Capital scene, which is thesubject of our cover story. Our biggest incubator,Technoport hosted an LPEA roundtable discussingour success in creating a hub for innovation andwhat else is needed to move Luxembourg forward.We have a number of interesting articlesincluding interviews of 3TS CapitalPartners and b-to-v Partners, a lookat trends, products and a regulatoryarticle.LPEA will continue delivering valueto our much enlarged member based,implement its strategy to developLuxembourg as the European PEhub and further its role as a credibleplaying in Luxembourg and abroad.Kindest regardsJrme Wittamer, ChairmanPaul Junck, Managing DirectorLuxembourg Private Equity & VentureCapital Association 6. 3TS InterviewAT THE FOREFRONT OFWORLD-CHANGINGTECHNOLOGYFROM OFFICES IN CENTRAL AND EASTERN EUROPE, VENTUREINVESTOR 3TS CAPITAL PARTNERS IS HELPING TO BUILDTECHNOLOGY, MEDIA AND TELECOMS BUSINESSES THAT WILLSHAPE THE FUTURE, SAYS MANAGING PARTNER PEKKA MKI.6 capitalV #4WHERE ARE THE ORIGINS OF 3TS CAPITALPARTNERS?Pekka: 3TS was originally established in 1999 whenthree European investors decided to establish anEastern European fund. In the beginning 3TS focusedsolely on Eastern European markets, but we have sincebeen fortunate to develop several international, globallysuccessful companies. We are on the way to becomingan international technology investor with special focuson our home markets in Eastern Europe and the German-speakingregion.The key people at 3TS were all previously involved inprivate equity and venture investments; their experienceis the backbone of our firm. The name originates fromthe three founding partners: 3 for 3i plc., T for the teamWHAT IS THE INVESTMENT FOCUS OF 3TS?Pekka: W e a re o ne o f t he l eading p rivate e quity a ndventure capital firms in Central and Eastern Europe,including all the newer EU member states and neighbouringcountries such as Turkey. We have offices in Budapest,Prague, Bucharest, Vienna, Warsaw and Istanbul, andspecialise in investing in the broader TMT sectors includingtechnology & internet, media & communications andtechnology enabled services (TMT).We mostly focus on growth funding for companies, whichhave revenues in the millions of Euros, as well as buyoutinvestment. Although our offices are in Europe, we are aninternational firm, with two thirds of our investments inglobal challengers and one third in local leaders. We havechosen to domicile our funds in Luxembourg.OUR AIM IS TOAPPLY REGIONALTALENT TOOPPORTUNITIESWORLDWIDE.PEKKA MKIInterview of Pekka Mki, Managing Partner, 3TS Capital Partners 7. #4 capitalV 7 3TSand S for the Finnish innovation fund Sitra and initiallywe obviously benefited substantially from extensiveco-operation with 3i and Sitra, which was terminatedonce we became independent.WHAT MAKES 3TSS INVESTMENT APPROACHDIFFERENT?Pekka: W hat s ets u s a part i s o ur f ocus o n T MTinvestments and our teams more than 20 years ofexperience in the CEE region, along with the regionsbroad pool of innovative managers and talentedengineers.Our aim is to apply regional talent to opportunitiesworldwide; our global approach means the companiesusually have sales offices in Western Europe, Asia andthe US even if some operations remain in the CEEregion. None of our global competitors understand theCEE markets better than we do and we can leverage thisto the benefit of the portfolio companies.THE LAUNCH OF YOUR LATEST FUND IS ASIGNIFICANT DEVELOPMENTPekka: The first closing of our TCEE Fund III with 103mwas one of the largest first closings of a Europeantechnology fund in 2013 and sent out a strong signalabout the state of business in the region.The fund, launched as a Luxembourg regulated vehicle in2011, brings our assets under management to just under 8. 300m. 3TS plans to continue to make TMT growth andbuyout investments in the future, typically making aninitial investment of between 2m and 8m plusfollow-on capital over time.WHY HAVE YOU CHOSEN TO DOMICILE YOURGENERAL PARTNER STRUCTURE AND YOURFUNDS IN LUXEMBOURG?Pekka: Over the past 10 years, Luxembourg hasdeveloped into the prime choice for private equity andventure funds. Our experience in the Grand Duchy withour previous three funds has been overwhelminglypositive, and over time we have become familiar with thecountrys financial environment. In addition, the choiceof Luxembourg is ideal for our international marketingactivities and is important for our global institutional LPinvestors.3TS HAS MADE SOME VERY SUCCESSFULDEALS?Pekka: One notable investment has been LogMeIn, aHungarian software firm that offers cloud-based remoteconnectivity services, and in which we were the firstinstitutional investor. We supported LogMeIn to move itsheadquarters to Boston and after substantial growthfive years later to list on the NASDAQ as LOGM.Avangate, a software e-commerce enabler from Romaniaestablished itself in the Netherlands, set up its globalmanagement team in the Silicon Valley and is now oncourse to become a global leader in the sector. Althoughthese two companies and many others have alreadybeen exited by us, we are proud to h

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