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SEP hits European high with £260 million fund

calum-patersonInvestors have pledged £260 million to Scottish Equity Partners, the venture capital firm, in one of the biggest fund raising exercises in Europe this year.

SEP V was over-subscribed and closed above target.  The fund will be invested in high growth technology and technology-enabled companies based mainly in the UK and Ireland.

Investments in companies in other European countries will also be considered.

Investors in previous SEP funds account for almost 90% of commitments to the new fund, regarded as an endorsement of its investment track record and reputation.  

UK investors account for about 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 £20m in growth-stage technology companies led by ambitious management teams, and playing an active and supportive role in their development.

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

“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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