$1bn seeks VantagePoint CleanTech Partners III LP for its 3rd Cleantech fund

The Daily Start-Up: VantagePoint Revs Up New Clean-Tech Effort

o With a prominent exit behind it in the form of Tesla Motors’ IPO, VantagePoint Venture Partners hopes to raise more than $1 billion for its third clean-technology fund

o Russian investor Yuri Milner and SV Angel, which has given the start-ups more runway to develop bolder ideas as well as more leverage with would-be investors eager to buy in.

o Microvast Inc. is looking to raise $120 million in a growth-capital round to enter China’s booming market for electric buses,

China one million electric buses on the road by the end of 2020

o The Sarbanes-Oxley Act did not “kill” the IPO market for venture-backed companies, ???

source: blogs.wsj.com/venturecapital

VantagePoint Seeks $1B+ For Clean-Tech Growth Fund

VantagePoint Venture Partners hopes to raise more than $1 billion for its third clean-technology fund, according to a person familiar with the plan.

The new fund, VantagePoint CleanTech Partners III LP, will focus on scale-up capital, helping companies that have already proven their technologies with capital for operations, supply chain development and international strategies, the person said.

The idea is that there are numerous clean-tech companies with VC backing that have gone through several rounds and are lacking access to large pools of capital, the person said.

The San Bruno, Calif.-based firm has already dedicated about $1.25 billion to the sector, having taken companies from early first rounds to develop technologies through later stages. It has more than 20 investment professionals dedicated to the sector.

Besides VantagePoint, firms with growth-capital funds investing in clean-tech include Hudson Clean Energy Partners, Khosla Ventures and Kleiner Perkins Caufield & Byers. Most recently, private investment firm Silver Lake teamed up with Soros Fund Management to launch a new growth-capital fund for companies in the energy and resources space.

India China offices take 50%

Between a third to a half of VantagePoint's new fund may be invested outside of the U.S., according to the person familiar with the matter. VantagePoint already has offices in India and China, and operates a yuan-denominated fund that it created last year.

Electric car company Tesla Motors

VantagePoint had one large exit out of its current clean-tech portfolio, when electric car company Tesla Motors Inc. went public last year. VantagePoint still holds about 5.5 million shares. The stock is trading at around $22 each, above its $17 opening price.

BrightSource Energy Inc, solar thermal

The firm is also an investor in BrightSource Energy Inc., which last year retained bankers for a potential initial public offering. The company develops solar thermal power projects.

source: fis.dowjones.com