Financial services firm Fidelity International is set to group three of its venture capital and private equity subsidiaries into a new entity called Eight Roads Ventures, TechCrunch reported yesterday.
Eight Roads will incorporate London-based Fidelity Growth Partners Europe and Moonray Investors, and China-based Fidelity Growth Partners Asia. It will act as Fidelity International’s proprietary investment arm, making real estate, venture capital and growth equity investments.
The unit will be equipped with a £150m ($233m) fund from which to invest, managing partner Davor Hebel told TechCrunch, and it plans to expand the size of its team in order to more thoroughly cover Europe. It also intends to make more fintech investments.
“[Limited partner] feedback for Europe was very strong and positive about European tech companies,” Habor said. “Growth markets remain outside the US, so Eight Roads is very happy to help these future global companies scale up from places like Europe.
“Our great strength is patience in the long term. It is our own capital we are investing so we do not have the same pressure to flip assets.”
Eight Roads is primarily based in London but also maintains offices in Hong Kong, Beijing, Shanghai, Mumbai, Tokyo, Bermuda and an affiliated office in Boston.