SCOTTISH Equity Partners (SEP), the venture capital firm behind a number of high-growth technology companies, has raised £260 million for a new fund, SEP V.
SEP V, which is one of the largest venture capital funds raised in Europe this year, was over-subscribed and closed above target.
It will be invested in high-growth technology and technology-enabled companies based mainly in the UK and Ireland, although investments in companies in other European countries will also be considered.
Investors in previous SEP funds account for almost 90 per cent of commitments to the new fund, endorsing its strong investment track record and reputation. UK investors account for approximately 40 per cent of the fund, with the remaining 60 per cent 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.
SEP Managing Partner, Calum Paterson, 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 more than £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 offices in London, Glasgow and Edinburgh.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here