New £260m tech investment fund ‘over-subscribed’

A Scottish venture capitalist firm has closed a new £260m technology investment fund after it became over-subscribed with eager investors.

The SEP V fund, launched by Scottish Equity Partners, is one of Europe’s largest VC funds this year and closed above. It will invest in high-growth tech firms mainly in the UK and Ireland, and will ‘consider’ opportunities in Europe.

Investors in previous SEP funds account for almost 90% of commitments to the new fund, endorsing its strong investment track record and reputation. UK investors account for approximately 40% of the fund, with the remaining 60% contributed by investors based in Europe and the United States.

SEP V will follow a strategy that is consistent with previous SEP funds, making investments of up to £20 million in growth-stage technology companies led by ambitious management teams, and playing an active and supportive role in their development.

“This is another great milestone for us and reflects extremely well on the calibre of our team,” said SEP Managing Partner, Calum Paterson.

“The new fund gives us a very strong platform to continue to invest in companies with world class potential and we thank all of our investors for their support.”

Current SEP portfolio companies employ more than 5,500 people and have aggregate revenues of over £1 billion.

They include Edinburgh-based travel search company Skyscanner, London-headquartered high-end fashion business Matchesfashion, and online car finance specialist Zuto, which is based in Manchester.

Non-UK companies in the portfolio include online eyewear company Mr Spex and language learning company Babbel, which are both based in Berlin, and Dublin-based e-commerce analytics company Clavis Insight.

Total funds under management by SEP now exceed £1 billion. The firm has 45 partners and employees across its London, Glasgow and Edinburgh offices.

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