IA Capital Group has completed the initial close of its 11th investment fund, the Inter-Atlantic Opportunity Fund I, with QBE Insurance Group serving as its anchor investor through its corporate venture arm, QBE Ventures.
The New York-based venture capital firm, which focuses on financial technology and insurance technology investments, said the new fund will target businesses operating in fintech, insurtech and related sectors.
QBE Ventures Anchors New Investment Fund
The Inter-Atlantic Opportunity Fund I is backed by QBE Insurance Group through QBE Ventures, the company‘s corporate venture development and investment division.
The fund will primarily invest in businesses that have reached Series B funding rounds or later stages of development.
Its investment strategy includes both direct investments in companies and the acquisition of existing shares from shareholders seeking liquidity.
Fund Targets Established Fintech and Insurtech Companies
IA Capital Group plans to identify investment opportunities among companies it already knows through its existing portfolio, network of funds, limited partners and long-standing relationships with founders.
It will also purchase secondary stakes from existing investors, including corporate venture programmes that have reduced or ended their involvement in the fintech and insurtech sectors.
The fund has completed two investments since its launch.
These include Panacea, a US-based financial platform serving doctors, dentists, veterinarians and their practices, and Aurora, a UK-based algorithmic underwriting platform designed to automate property and casualty insurance underwriting.
IA Capital Group Expands Its Insurance Investment Portfolio
The firm is led by General Partner Ravi Shah and Managing Partner Andy Lerner.
IA Capital Group launched its first investment fund in 2000 and established strategic investment relationships with insurance companies in 2014.
Alongside the newly launched Opportunity Fund, the company manages three multi-limited partner funds serving 23 insurance companies.
Its portfolio of investment vehicles also includes two single-limited partner funds established for Prudential Financial and Goldman Sachs Alternatives.
