Advent Venture Partners has held a first closing on Advent Private Equity Fund IV (APEF IV), with total commitments of £128m (US$250m, €188m).
With a target of £200m, the fund has so far accepted £110m. Investors in APEF IV come from Europe and the US, with 75% of commitments from investors in previous Advent Venture Partners’ funds. These include Access Capital Partners, the European Investment Fund, clients of Pantheon, and funds advised by Westport Private Equity. New investors who have committed to the fund include Alpinvest Partners and Swiss Re.
APEF IV will invest in early and late stage round in the ICT and life sciences sectors. Its geographic focus remains unchanged from its predecessors, investing primarily in companies in the UK and Western Europe, and US companies in the life sciences sector will also be looked at. Advent typically invests between £5 million and £15 million in any one company.