Osborne Clarke advises Illuminate Financial on £72.5m round

Helen Parsonage

Helen Parsonage

Bristol-based lawyers at Osborne Clarke have advised venture capital firm Illuminate Financial Management on the final close of its second fund at £72.5m.

London-based Illuminate Financial invests in companies that provide cutting-edge solutions to financial institutions. With the help of strategic partnerships including those with Barclays, JP Morgan Chase, Deutsche Boerse and IHS Markit, Illuminate has been able to raise more than double what it achieved in its first fund, despite obstacles created by the pandemic and Brexit deadlines.

The fund is active with seven investments, and an eighth is about to close. It has also already secured its first exit from the new fund before the announcement after Paypal’s acquisition of Tel-Aviv based digital asset security company Curv, earlier this month.

The Osborne Clarke team was led by Bristol-based partner Helen Parsonage, assisted by associate Aimie Jenkins and partner Erika Jupe (tax), also based in Bristol. Osborne Clarke’s investment funds team provides advice 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.

Illuminate founder Mark Beeston said: “Osborne Clarke has been a key partner to Illuminate over the years. Helen Parsonage and her team once again provided us with invaluable service in getting our latest fund to its final close incorporating a broad variety of investor types. We share very similar values and once again they have proven responsive, pragmatic and able to bring their great knowledge of the market to the process enabling us to hit our own objectives.”