Ovetii Targets $50 million for Venture Capital Funds

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 30, 2007 -- According to a source close to the Athens based firm, the fund's goal is $50 million. A spokesperson from Ovetii apparently stated that, while private placements are designed to raise money from investment opportunities offered to a select group of private individuals, late stage venture capital investment is on the rise this year, with more money being spent on fewer deals.

It was reported that, in the first quarter, funds spent $3.1bn in investments for 296 deals while in the second quarter funds spent $3.2bn for 269 deals.

Gregory Matthews, Ovetii’s Senior Portfolio Manager, reportedly said that the focus on investments in biotechnology and clean technology, could account for the rising value of investments. Matthews apparently added that he was skeptical about the role hedge funds could play in the venture capital industry because of the differences in investment strategy and, that although they could provide money in most cases; they don’t have the expertise of a venture capital firm.

Ovetii has yet to offer any official comment on the rumoured fund.

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