PARIS-Alcatel announced it formed Alcatel Ventures Fund I L.P., an information technology venture capital partnership. The new fund is planned to have an eventual target fund of $150 million with Alcatel, the largest and majority limited partner, as the lead investor.
The new fund’s general investment strategy, according to Alcatel, will be to maximize returns through both leveraging established operations and investing in new start-ups focusing on telecommunications, software, technology services and the Internet.
“Alcatel has a diversified strategy to developing and fostering new technologies-a vital part of our business-and a proven track record in internally developing leading edge technologies like (Asymmetric Digital Subscriber Lines) and optical products,” said Serge Tchuruk, chairman and chief executive officer of Alcatel. “This new investment vehicle widens our ability to acquire critical technologies quickly and to ensure that we have a finger on the pulse of the latest telecoms developments.”
According to Alcatel, the fund’s managing partner and director will be Steve Kim, who previously was CEO of Alcatel’s Internetworking business unit and founder of Xylan, a company acquired by Alcatel in 1999. Victor Lee, formerly with BT Ventures, will join Kim as co-founder and partner.
