Family money puts its faith in European technology

By Andrew Winterbottom LONDON (Reuters) - Some of Europe's wealthiest families are investing chunks of their cash in technology companies, bringing the benefits of long-term horizons to start-ups and filling a funding hole for the continent's fledgling Facebooks. European family offices, the private investment houses of the super rich, nearly doubled their direct investments in companies between 2008 and 2014 to nine percent of total portfolios as low interest rates hurt returns elsewhere, according to a report by Campden Research and bank UBS. Many are using the cash to bet on tech, stepping in where venture capital is reluctant to tread. "The sector is very important for them," said James Innes, a partner at London corporate finance house Chrystal Capital who consults over 300 family offices on early-stage tech investments.



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