Venture capital firm Maven Capital Partners has completed two exits on behalf of the government’s Capital for Enterprise (CfE) fund.

Venture capital firm Maven Capital Partners has completed two exits on behalf of the government’s Capital for Enterprise (CfE) fund.

The exits follow hot on the heels of the original investments, which were both made in the second half of last year.

Gloucestershire-based Vero Software generated the more lucrative return. The company, which supplies software to the manufacturing industry, was bought by a US private equity house at an exit multiple of 1.3 times Maven’s investment and an internal rate of return (IRR) of 69 per cent.

Payment processing specialist Documetric reversed into AIM-quoted Intelligent Environments Group in July, raising additional funds through a share placing and allowing Maven a full exit with an IRR of 19 per cent.

Maven had invested £2 million in each company from the CfE fund, which was set up by the last government to help businesses struggling to secure funding because of the credit crunch.

The Aberdeen-headquartered firm has invested £26 million of the total £30 million it was allocated from CfE, and is now closed for new investments.