Digital Transformation Capital Partners (DTCP), the Germany-based, corporate-backed investment manager spun off by telecommunications provider Deutsche Telekom, has reached a $300m first close for its Growth Equity III (GE III) Fund.
DTCP launched the fund in March 2022 and it is backed by Deutsche Telekom, Japan-headquartered peer SoftBank and unnamed additional corporates, pension funds and family offices.
GE III seeks to invest in series B to D-stage IT technology developers, particularly enterprise software, cybersecurity and web3 companies. With a specific focus on European, Israeli and US markets, DTCP aims to close the vehicle in 2023 after it raises more capital.
Launched in 2015 as Deutsche Telekom Capital Partners, DTCP has invested in more than 70 companies. Its portfolio includes data centre provider Maincubes and Prosimo, an enterprise cloud infrastructure builder.
Prior funds launched by DTCP include the $125m Growth Equity I, which was formed in 2015, and the Growth Equity II vehicle, which secured a total of $350m from limited partners such as Deutsche Telekom, Zeiss Group and SK Group subsidiary SK Telekom in 2019.
“Our GE III fund is the continuation of a proven strategy, and we would like to thank our existing and new investors for their support and trust.” said Jack Young, managing partner at DTCP Growth. “We’re excited about the continued opportunity to back outstanding entrepreneurs and category leaders in the fast-growing cloud-based enterprise software ecosystem and to create attractive co-investment opportunities for our investors.”
DTCP has also promoted Waldemar Maurer to partner. He had served for nearly two years as a managing director at the firm.
Having begun as a digital infrastructure-focused private equity principal at DTCP in 2016, Maurer’s roles have included board observer duties at several companies such as the 5G mobile networking provider Cellwize, which was recently acquired by semiconductor and wireless technology producer Qualcomm.