PARIS -- Innovacom, a venture capital firm specializing in early stage telecom and information technology start-ups, has held a second and final close on Innovacom 5. The oversubscribed closing brings the new fund to 120 million Euros.

HarbourVest (U.S.) and GIC (Singapore) were the main investors joining those who had participated in the June first closing: Access Capital Partners, AGF Private Equity, CIC Finance, the European Investment Fund, the FPCR2000 (fund of funds managed by Caisse des Dépots Group), and France Telecom. Limited partners outside of France represent 60% of the commitments to Innovacom 5.

"Innovacom's performance over 15 years makes it one of the top European venture capital teams," said Peter Wilson, Managing Director of HarbourVest. "We're impressed by the industry relationships the team has been able to build, as well as the added value it brings to the companies in which it invests.""We are delighted by the strong interest and support the financial community has shown for Innovacom 5. The new fund will fuel the development of start-ups that have a profound impact on telecommunications services, so France Telecom will take a close look at them," said Jean-Jacques Damlamian, Executive Vice President for Technology and Innovation at France Telecom. Innovacom 5's investment strategy will be consistent with that of the previous Innovacom funds (Innovacom 1, 2, 3, 4 and Technocom): Investing primarily in leading start-ups in the domains of microelectronics and telecom systems.

Innovacom