Munich Re Ventures, the San Francisco-based venture capital alert in the Munich Re Group, said on Tuesday that it has closed its new $ 500 million Munich Re Fund II.
Munich Re Ventures will use the fund to invest in early stage companies and growth in five strategic sectors: insurtech; climate technology; cybersecurity and integrity; commercial and industrial equipment technology; and the transport of the future.
The unit now has more than $ 1 billion in assets under management in four funds, each with a 10-year maturity. Together, the funds have invested more than $ 280 million in 36 companies.
Munich Re Ventures also said on Tuesday that it will expand its portfolio development platform, connecting entrepreneurs to the Munich Re Group's business leaders and other industry leaders.
Thomas Blunck, a member of the management of Munich Re, said in Tuesday's statement that the company was doubling its venture capital business as a result of having already seen "outstanding financial results and strategic value" from its investments.