Siemens launches venture fund-of-funds

Siemens Venture Capital (SVC), the early-stage investment arm of the German engineering and electronics giant, has launched its first fund-of-funds product.

Siemens Global Innovation Partners I GmbH & Co. KG (SGIP I) will target venture capital and certain growth capital funds worldwide.

It is looking to raise a total of US$200m, and has already landed almost half of that through its first closing. Investors so far include the German Siemens pension funds and two leading European insurers.

The fund aims to invest in around 20 venture capital funds, with two-thirds of the capital heading to North American, and the rest in Europe, Israel and Asia.

Siemens Venture Capital has invested in funds before – 40 in total – but this is the first time it will do so through a dedicated venture capital fund-of-funds vehicle. Previous fund commitments came from the Siemens Corporate Fund-of-Fund and had a strategic and financial interest. SGIP I follows purely financial interests and will be the first time SVC has third-party capital under management.