Venture firm NGP Capital has closed its Fund V with cash from former owner Nokia and promoted Bo Ilsoe to managing partner.

Smartphone manufacturer Nokia has provided $400m in capital for the latest fund closed by NGP Capital, the US-based venture capital firm spun off by the corporate.

NGP Capital was originally formed in 2005 as a direct subsidiary of Nokia named Nokia Growth Partners but rebranded in 2017 and now has $1.6bn in assets under management having closed five funds.

The firm invests in growth-stage developers of advanced technology in areas such as edge cloud software, cybersecurity, digital transformation and industrial…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.