VANCOUVER, May 23, 2012 /CNW/ - Pangaea Ventures Ltd. announced today that it has achieved a first close of Pangaea Ventures Fund III, LP, having attracted the initial $50 million into the target $100 million USD fund. Limited Partners in the new fund include world-leading industrials Asahi Glass Co. Ltd., Asahi Kasei Innovation Partners, Inc., nv Bekaert sa, 9th Street Investments (a CoorsTek affiliate), JSR Corporation, Mitsubishi Chemical Holdings Corporation, Murata Manufacturing Co. Ltd, Nitto Denko Corporation and SABIC Ventures B.V.. The fund exclusively invests in early stage cleantech companies with compelling advanced materials technologies.
Chris Erickson, General Partner of Pangaea Ventures, said, "We are pleased that our proprietary deal flow and sharp mandate have attracted some of the world's most successful companies as our Limited Partners. As a result, our portfolios enjoy tremendous advantages with access to markets, suppliers, and expert assistance that would normally be available only to Fortune 500 companies."
Purnesh Seegopaul, General Partner, stated, "Pangaea's third fund sees an evolution in our approach to advanced materials investing. We're now focused on game-changing clean technologies in rapidly growing markets, which will result in superior exit opportunities."
The closing of the fund sees the addition of Keith Gillard as a new General Partner at Pangaea. Mr. Gillard had previously managed BASF Venture Capital's American operations out of Silicon Valley. "I am excited to join Pangaea's unrivaled team," said Mr. Gillard. "Pangaea has a well-defined strategy for funding capital efficient cleantech businesses, and the advanced materials expertise necessary to spot the winners."
About Pangaea Ventures
Pangaea Ventures invests in early stage cleantech companies with compelling advanced material technologies. Established in 2001, Pangaea Ventures is now investing out of its third fund. Pangaea's central investment thesis is that breakthroughs in advanced materials are critical for the continued growth of cleantech, and will be the primary drivers of value for venture-backed exits in the space. Pangaea and its portfolio companies benefit from the involvement of world-leading strategic Limited Partners: Asahi Glass, Asahi Kasei, BASF, Bekaert, 9th Street Investments (a CoorsTek affiliate) CoorsTek, JSR Corporation, Mitsubishi Chemical, Murata Manufacturing, Nitto Denko, SABIC, Solvay, Toyota Tsusho and Umicore.
For further information: