ByIain Martin,
Forbes Staff.
One of Europe’s largest venture capital funds told its investors that it won’t raise new “generalist” venture funds and plans to focus on its existing startup bets. Lakestar’s founder and chairman Klaus Hommels, famed for his early investments in Facebook and Spotify, wrote in a letter to investors that he didn’t plan to raise new funds from LPs and instead future startup bets would be made from his personal capital.
“Going forward both Lakestar’s and my focus will be on maximizing the potential of the existing portfolio and we will not raise any new generalist venture funds as we have in the past,” wrote Hommels in a letter published on Lakestar’s website on October 23.
Hommels said his focus was now on doubling down on his existing portfolio like Revolut, which is reportedly in talks to raise at a $75 billion valuation, and defense unicorns Helsing, Auterion and German rocket startup Isar Aerospace.
