AXA Strategic Ventures has closed its debut fund of funds vehicle on €150m ($175m), which will back ‘FinTech/InsurTech funds, as well as sector-agnostic VC funds globally’, according to AXA Strategic Ventures principal Dominic Maier.
The vehicle will look to make contributions between $5m to $15m, but some deals might be bigger or smaller than this figure. The company has an aim of around 15 funds to back.
Alongside the launch of this vehicle, the firm has appointed former Adams Street Partners vice president Dominic Maier as principal to lead the vehicle.
Maier said, “We are looking to create a globally diversified portfolio of venture capital funds, both in terms of stage, ranging from seed to early-stage and growth, and also in terms of geography across Europe, the US, Israel, and Asia. Given the investment period will stretch to more than just one vintage, so we are looking to diversify by vintage.”
The fund will look to evenly split its investments between Europe and the US, with a significant amount also being used to back Israel funds.
“The opportunity in Israel is strong on the venture side. It has always been a strong hub in terms of R&D and if you look at VC investment as a percentage of GDP, it has ranked very strongly globally. It is also a region where the quality of GPs has impressed,” he added.
Maier joins AXA Strategic Ventures following his vice president position at Adams Street Partners in its global primary investment team. He has gained experience evaluating funds, ranging from technology and life sciences venture capital, growth capital and buyout funds.
This vehicle has been created to complement the firms direct investment strategy, which is still its main focus.
In an interview with FinTech Global earlier in the year regarding the future of InsurTech, Axa Strategic Ventures general partner Imran Akram said, “I think the biggest thing is going to be the breadth of data that gets used to help price risks. So not just you sitting down in front of me and describing your lifestyle and so on, but also having some continuous monitoring.” Akram believes the future will involve insurers acting more as a prevention for risks, so helping with life-style choices.
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