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Rocket Internet racks up $1 bln for fund

Berlin-based Rocket Internet, which incubates global internet startups, closed its tech fund at a hard cap of $1 billion.

The Rocket Internet Capital Partners fund will focus on making both early and later-stage investments. Among the internet sectors RCIP seeks to target are marketplaces, e-commerce, financial technology, software and travel.

RCIP’s limited partners included financial institutions, pension funds, asset managers, foundations and high-net worth individuals. According to a statement about the fund-closing, Rocket Internet has committed about 14 percent of RCIP’s capital.

Goldman Sachs served as a placement agent for the fund.

Photo: The unmanned Falcon 9 rocket, launched by SpaceX and carrying NOAA’s Deep Space Climate Observatory Satellite, lifts off from launch pad 40 the Cape Canaveral Air Force Station in Cape Canaveral, Florida, February 11, 2015. Reuters/Scott Audette