VNT Management

We manage three venture capital funds – Power Fund I, Power Fund II and Power Fund III – with a focus on clean technology. The commitments to the funds total €157 million. Major investors are the European Investment Fund and Finnish institutions. Our geographical investment focus is Northern and Central Europe, with a main focus being on the Nordics and German-speaking Europe.

Founded in 2002, we were among the first venture capital companies in Europe to focus on renewable and distributed power generation and energy-saving technology. We believe in a focused investment strategy in areas where we have long-term experience and the selection of experienced partners with a proven track record.

The Partners are owners and the team members have a full stake in VNT Management. Our executives possess core experience in the power conversion and control industry, providing essential added value to the target companies of our funds.

Focus on Clean Technology

Our investments focus on renewable and distributed power generation and energy-saving technologies, especially in electrical and power electronic applications. Of particular interest to us are innovations in which different forms of energy are converted into electricity – such as wind and solar power, wave power, and biomass – and in energy-saving applications, such as drive trains for industry, heavy mobile work machines and solid state lighting.

For Investors

The aim of VNT funds is to generate superior returns for its investors. The specific targets are:

1. An IRR (internal rate of return) in excess of 25%.

2. A position in the top quartile of European venture capital funds.

VNT funds focus on clean technology, in particular on renewable and distributed power generation and energy-saving technologies in electrical and power electronics applications.

In addition to normal venture capital investing, we also establish new companies when it comes to interesting business opportunities or take an active role in spin offs.

Our competitive edge

With long experience and a proven track record in our focus area, we believe in a focused investment strategy and hands-on development.

Investment criteria

The following criteria are emphasised before making an investment:

•   Committed, credible and capable management team
•   Credible business plan including technology and products
•   Market potential
•   Potential for VNT to create added value
•   Investment terms and valuation
•   Exit plan

Power Fund I, II and Power Fund III are European clean technology funds that make minority investments. The investments focus is on the clean-tech industry, in particular on renewable and distributed power generation and energy-saving technologies in electrical and power electronics applications in the Nordics and in the German speaking Europe.

Reporting for the Fund Investors

We provide reporting based on the guidelines of the European Venture Capital Association (EVCA). These reports are published semi-annually (Power Fund III quarterly).

Fund Summary

Power Fund I, II and III are limited partnerships. The funds normally make equity-based minority investments.

Power Fund I was established in February 2003; the final closing was in June 2004. Total commitments are €17 million. Major investors are Finnish Industry Investment, Vacon Plc, Semikron International GmbH and along with Varma Mutual Pension Insurance Company and Veritas Pension Insurance.

Power Fund II was established in November 2007; the final closing was in April 2008. Total commitments are €63 million. Major Investors are Finnish Industry Investment, Varma Mutual Pension Insurance Company, Etera Mutual Pension Insurance Company, The Fennia Group and VR Eläkesäätiö (State Railway Pension Trust).

Power Fund III was established in November 2011 with its first closing; the final closing was in Jan. 2013. Commitments after final closing are €77 million. Major investors are the European Investment Fund under the Competitiveness and Innovation Framework Programme (CIP), Finnish Industry Investment, The Growth Fund of Finland and Varma Mutual Pension Insurance Company.