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Osborne Clarke advises Illuminate Financial on £100m round with backing from Barclays and JP Morgan Chase


Written on 24 March 2021

International legal practice Osborne Clarke’s UK funds team has advised VC firm Illuminate Financial Management on the final close of their second fund at $100m. With the help of strategic partnerships including those with Barclays, JP Morgan Chase, Deutsche Boerse and IHS Markit, Illuminate has been able to successfully raise more than double what it achieved in its first fund, despite obstacles created by the pandemic and Brexit deadlines.

The Fund is active with seven investments, and an eighth is about to close. It has also already secured its first exit from the new fund before the announcement after Paypal’s acquisition of Tel-Aviv based digital asset security company Curv, earlier this month.

Illuminate Financial is a London-based VC which invests in companies that provide cutting-edge solutions to financial institutions. Their deep networks and partnerships with key industry participants across banks, infrastructure providers, asset and wealth managers, exchanges and established vendors allow them to gain real insight into what the industry needs and help portfolio companies achieve their full potential.

Illuminate founder Mark Beeston said: “Osborne Clarke has been a key partner to Illuminate over the years. Helen Parsonage and her team once again provided us with invaluable service in getting our latest fund to its final close incorporating a broad variety of investor types.  We share very similar values and once again they have proven responsive, pragmatic and able to bring their great knowledge of the market to the process enabling us to hit our own objectives.”

The Osborne Clarke team was led by Partner Helen Parsonage who was assisted by Associate Aimie Jenkins and Partner Erika Jupe (tax).

Osborne Clarke’s Investment Funds team advises GPs and LPs across a variety of asset classes. Helen Parsonage leads the team’s VC funds practice and is recognised in both Chambers and Legal 500 for her venture funds expertise.

Osborne Clarke’s FinTech practice advises major financial institutions and investors, and established and emerging FinTech companies. These include lending and intermediary platforms, digital banks, InsurTechs, and firms specialising in payments, consumer finance, alternative finance, software and cryptocurrency. The FinTech team operates across all major European and South East Asian markets along with offices in Silicon Valley and New York. Ranked as a leading FinTech firm by Chambers Global and The Legal 500: “Their knowledge of the payments and FinTech sector is unparalleled. They are very client driven and mold their approach to their clients’ needs.”  Osborne Clarke was named Who’s Who Legal FinTech Law Firm of the Year 2019.