WHEB is a sustainability-focused investment firm with €480m in assets under management across private equity, listed equities, and infrastructure funds. It has three private equity funds totaling €250m focused on venture and growth-stage companies. Fund 3 recently had its first closing at €95m with a target of €200m. WHEB has offices in London and Munich and a 20-person investment team, with 8 managing the private equity funds.

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6. WHEBp
 Sustainability focused multi-asset class investment firm covering Private Equity, Listed Equities and
Infrastructure (acquiring renewable energy assets).
 Total AuM around €480m of which some €250m (£210m) across three VC/PE funds.
WHEB PE Funds
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Fund 1 (2004 vintage) – “WHEB Ventures”: £24 million; invested in 8 companies and closed for new
deals. Investors are nearly all family offices. Focused on venture stage.
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Fund 2 (2008 vintage) – “Green Growth Fund 1”: £105.million; invested in 12 companies to date.
Investors are around 70% family offices and 30% institutions. Focused on growth stage.
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Fund 3 (2014 vintage) – “Green Growth Fund 2”: first closing in Feb 2014 at €95m with eventual
target of €200m. Likely investor base 15% family offices, 85% institutions. Focused on growth
stage.
Location
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2 offices (London, Munich).
Team Size
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20 investment professionals across WHEB Group of which 8 plus 3 special advisors involved in
the PE funds.

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14. The Company
 friedola TECH supplies tough, lightweight patented plastic components, for
automotive and logistic applications (used by Daimler, VW, others).
 Products made from recycled materials derived at friedolaTECH‘s own
plastic waste recycling facilities.
Investment Thesis
 Acquired 90% of the Company’s equity for an extremely low EBITDA
multiple.
 Significant growth potential in new market segments, applications and
regions.
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17.  Fund 1
– Venture Stage
– 2008 financial crisis and world stopped
– Portfolio took longer to reach breakeven hence needed more money
– Fund too small so had to find co-investors (£25m since 2010)
– Changed business model to low cost licensing
 Boom and Bust 4 year fee cycle
– Management fees drop dramatically once 4 year investment period over – from fees
committed to being based on what’s left
– Can’t raise new fund until investment period over
– Getting to first close can take at least a year
– Makes planning very difficult
 LP squeeze
– Fees under pressure
– GP commitment increases
 Carry
– For new PE firm carry hasn’t happened yet!

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19. London
www.whebgroup.com
CONFIDENTIAL
Munich