Wragge & Co LLP Corporate Group has advised QinetiQ on the creation of QinetiQ Ventures, a new technology venture fund which will have initial assets of £40 million.

The fund has been launched by QinetiQ and London-based Coller Capital, an investor in corporate venture assets. It aims to accelerate the development of seven of QinetiQ's venture investments.

The fund will be structured as a Limited Partnership and will be managed by an independent investment manager, Cody Gate Ventures LLP. QinetiQ and Coller Capital will each contribute up to £20 million of follow-on funding to develop the fund's portfolio companies.

Partner Baljit Chohan led a Wragge & Co team comprising Richard Goold, Michael Brunnock, Katherine Murray and Felicity Cole. The team worked alongside Michael Dufton, James Field and Neetu Ogle of QinetiQ's in-house legal team. Paul Anning and Catherine Williams at Osborne Clarke advised Cody Gate Ventures.

Baljit Chohan said: "Our team of experts understands clients' businesses and their objectives. This, alongside our private equity and funds expertise, and knowledge of the defence industry meant we were well placed to advise QinetiQ on the creation of its new venture fund. This deal is the largest the firm has completed for QinetiQ and is consistent with our reputation as leading mid-market transaction corporate adviser."

With approximately 13,500 staff, QinetiQ is one of the world's leading defence technology and security companies. The new fund's portfolio will comprise partial or wholly owned interests in seven venture assets. QinetiQ's core venture businesses, QinetiQ Airport Technologies and GPS business, will remain within QinetiQ's internal venture structure. Depending on the performance of the new fund, QinetiQ will own at least 75 percent of future economic value.

Coller Capital is a leading investor in private equity secondaries worldwide, with approximately $8 billion under management. It acquires positions in venture capital, buyout and mezzanine funds, together with portfolios of companies or stakes in companies, from institutions, corporates, government bodies and family offices. James Ford of O'Melveny & Myers LLP advised Coller Capital.

Wragge & Co's 17-partner Corporate Group is a national practice advising major corporate and institutional clients on mid-market M&A, private equity, equity markets and MBO work.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Amie Ryalls on +44 (0)121 213 2360

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