International legal practice Osborne Clarke's funds team has advised financial services-focused venture firm Illuminate Financial on the final close of its third fund, a $235 million fund to invest in early-stage businesses solving problems for financial institutions.
Illuminate Financial will use the capital to make further investments in early-stage and Series A companies driving innovation in the financial services industry. Investors in the fund include some of the largest and most well-respected financial institutions that provide a broad array of banking and market infrastructure services, and the final close of this fund sees Illuminate welcoming two additional strategic partners, BNY Mellon and Euroclear, who join global financial institutions J.P Morgan, S&P Global, Jefferies, Deutsche Börse Group, Barclays, Citi and SGX as investors.
The announcement of Fund III builds upon the firm’s momentum since its inception nine years ago. To date, Illuminate Financial has invested in 35 companies of which it has successfully exited 9, primarily through trade sale to industry strategics.
Commenting on the support from the firm, Mark Beeston, Founder and Managing Partner at Illuminate Financial said:
"Osborne Clarke has been a key partner to Illuminate since we launched the first fund eight years ago. On fund three, Helen Parsonage and her team provided us with invaluable service from first to final close dealing with a global investor base that includes some of the most important banks and infrastructure players in financial services and ranges from new relationships through to Illuminate's longest-standing financial institution clients."
"Our two firms share very similar values and once again Osborne Clarke have proven a responsive and pragmatic partner, bringing their knowledge of the market to the process and enabling us to hit our own objectives."
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 mould their approach to their clients' needs." Osborne Clarke was named Who’s Who Legal FinTech Law Firm of the Year 2019.