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Second Spur fund nears close

Oklahoma-based fund-of-funds manager Spur Capital Partners is nearing a final close for a $200m targeted VC fund. Roughly half of the capital is coming from Western European institutions.

Venture capital fund-of-funds group Spur Capital Partners is less than $10 million away from closing its follow-up fund, Spur Ventures II, LP. The firm, headquartered in Bartlesville, Oklahoma, has set a cap of $200 million (€168 million) and has already corralled $191 million in limited partner commitments.

Bradford Kelly, director, Spur Capital Partners

The new vehicle is a follow up to the firm’s debut fund, which closed in 2002 with a capitalisation of $140 million.

Bradford Kelly, a director at the firm, described Spur’s focus as exclusively early-stage technology, with an increasingly global wingspan. “We don’t try to cover the waterfront,” he told PEO. “There’s a heavy representation [in Spur’s portfolio] of the classic Silicon Valley and Boston Route 128 venture firms, but we’re finding that the early-stage technology function is starting to take place in other pockets of the world now too.”

The firm, in the past, has made commitments to funds from Storm Ventures, Gemini Israel Funds and Tallwood Venture Capital, according to a report in Red Herring, and Kelly cited Storm Ventures as a group that reflects what Spur Ventures is looking for in the managers it backs.

“They add an entrepreneurial stroke to their managerial experience. We like VCs that have a deep domain expertise within the categories they cover, so they’re bringing more to the table than just money,” he said.

The Spur Capital partnership is comprised of Knightsbridge Advisors veterans Kelly, Paul Fetsch and Joan Heidorn, and is rounded out by Paul Gompers, a professor at Harvard Business School.

Kelly would not comment on the specific investors in the firm’s fund, although Denmark-based Industriens Pensionsforskiring A/S is listed in an SEC filing as among those that have committed. Kelly did say, however, that roughly half the capital in the vehicle is coming from “traditional Western European financial institutions”, and the balance is made up of investments from US foundations and endowments.

A final close for the vehicle is expected in the coming months.