HV Capital closes new fund worth over €700 million

Photo: Rainer Märkle, Gene­ral Part­ner at HV Capital
9. May 2023

Berlin — A YPOG team provi­ded compre­hen­sive tax, legal and regu­la­tory advice to HV Capi­tal, a leading early-stage and growth inves­tor in Europe, on the struc­tu­ring of Fund IX with a volume of more than €700 million- making it the largest fund ever laun­ched by HV Capi­tal in its 23-year history. Fund IX further expands HV Capital’s ability to invest in inno­va­tive tech compa­nies across all stages of growth. — This means that HV Capi­tal also outper­forms the semi-public High­tech Grün­der­fonds (HTGF), which in Febru­ary raised just under half a billion euros, its largest fund since it was foun­ded 18 years ago.

The new gene­ra­tion of funds is divi­ded into two vehic­les, “Fund IX Venture” and “Fund IX Growth,” and will target compa­nies from seed stage to Series‑D and beyond, with initial ticket sizes ranging from €500,000 to €60 million. HV Capital’s team will focus on the next gene­ra­tion of high-growth compa­nies in various markets and across Europe.

Fund IX has been backed by insti­tu­tio­nal inves­tors from Europe and the United States, enab­ling HV Capi­tal to conti­nue its 23-year invest­ment history. HV Capi­tal streng­thens its commit­ment to more diver­sity and sustaina­bi­lity within the venture capi­tal indus­try with Fund IX. HV has commit­ted to this with Fund IX in accordance with Article 8 of the EU Sustainable Finan­cing Disclo­sure Regu­la­tion (SFDR). Speci­fi­cally, the goal is for 33% of manage­ment posi­ti­ons in the port­fo­lio to be held by women by the end of the fund’s term. In addi­tion, 30% of the capi­tal raised is reser­ved for compa­nies that follow the sustaina­bi­lity and envi­ron­men­tal crite­ria of the Euro­pean Invest­ment Fund (EIF).

“Raising one of the largest funds in German venture capi­tal history in such a chal­len­ging global fund­rai­sing envi­ron­ment is a great success for HV Capi­tal, on which we warmly congra­tu­late the entire team,” said YPOG part­ner Helder Schnittker.

About HV Capital

HV Capi­tal is one of the leading early-stage and growth inves­tors in Europe. HV has many years of expe­ri­ence in iden­ti­fy­ing Euro­pean tech­no­logy pioneers with great poten­tial for success. This includes the first gene­ra­tion of German start­ups, which achie­ved a company valua­tion of over $1 billion, and more recent successful compa­nies such as Flix­bus, Enpal, SumUp and Isar Aero­space. HV Capi­tal is conti­nuously looking for more inno­va­tive start­ups across all indus­tries such as FinTech, SaaS, climate tech and consu­mer goods and has alre­ady inves­ted in around 225 inter­net and tech­no­logy companies.

HV Capi­tal supports start-ups with capi­tal between €500,000 and €60 million and is one of the few venture capi­ta­lists in Europe that can finance these compa­nies across all growth phases. HV Capi­tal has offices in Munich and Berlin and a team of more than 40 profes­sio­nals who bring diverse perspec­ti­ves and exper­tise in venture capital.

Further­more, a YPOG team led by Lenn­art Lorenz advi­sed HV Capi­tal on the gran­ting of a full BaFin license. This makes HV Capi­tal one of the first venture capi­tal fund mana­gers to operate under this chal­len­ging regu­la­tory regime, which is aimed at fund mana­gers mana­ging substan­tial assets. “With the BaFin full autho­riza­tion, new regu­la­tory terri­tory was ente­red. The fact that HV Capi­tal is one of the first venture capi­tal fund mana­gers to receive such full autho­riza­tion is an expres­sion of its estab­lished presence in the German market,” says YPOG part­ner Lenn­art Lorenz.

Advisor:inside HV Capi­tal: YPOG

Dr. Helder Schnitt­ker (Co-Lead) (Structuring/Tax), Part­ner, Berlin Dr. Stephan Bank (Co-Lead) (Structuring/Corporate), Part­ner, Berlin Lenn­art Lorenz (Co-Lead) (Regu­la­tory), Part­ner, Hamburg
Dr. Florian Wilbrink (Struc­tu­ring), Senior Asso­ciate, Berlin
Dr. Michael Fili­po­wicz (Struc­tu­ring), Senior Asso­ciate, Berlin Andreas Rodin (Struc­tu­ring), Asso­cia­ted Part­ner, Berlin
Axel Zirn (Struc­tu­ring), Asso­ciate, Berlin
Wolf­ram Dickers­bach (Tax), Asso­ciate, Berlin
David Wittek (Tax), Senior Asso­ciate, Cologne
Andreas Korten­dick (Tax), Part­ner, Cologne
Florian Thrun (Regu­la­tory), Asso­ciate. Hamburg/ Cologne
Anto­nia von Treu­en­feld (Regu­la­tory), Asso­ciate, Berlin
Stefa­nie Nagel (Regu­la­tory), Senior Asso­ciate, Berlin
Advisor:inside HV Capi­tal (full authorization)
Lenn­art Lorenz (Lead) (Regu­la­tory), Part­ner, Hamburg Stefa­nie Nagel (Regu­la­tory), Senior Asso­ciate, Berlin Florian Thrun (Regu­la­tory), Asso­ciate. Hamburg/ Cologne
Dr. Niklas Ulrich (Regu­la­tory), Senior Asso­ciate, Hamburg

About YPOG
YPOG is a specia­list tax and commer­cial law firm opera­ting in the core areas of Funds, Tax and Tran­sac­tions. The YPOG team advi­ses a wide variety of clients. These include emer­ging tech­no­logy compa­nies and family-run medium-sized enter­pri­ses as well as corpo­ra­ti­ons and private equity/venture capi­tal funds. YPOG is one of the leading addres­ses for venture capi­tal, private equity and fund struc­tu­ring in Germany. The firm and its part­ners are natio­nally and inter­na­tio­nally ranked by JUVE, Best Lawy­ers, Legal 500, Focus, and Cham­bers and Part­ners. Today, YPOG has more than 100 expe­ri­en­ced lawyers,

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