Swiss firm Adveq has closed its fourth technology fund at $325m, exceeding its target size by $25m. The Zurich-based company said PETP IV will invest primarily in venture capital funds which focus on early stage technology companies in the US. There will also be some capacity, about a quarter of the total capital, available for buyouts.
Bruno E Raschle, managing director at Adveq, said: “The first investment is likely to happen in the third quarter of 2004, once PETP III is fully committed.”
Money has been committed by investors from Germany, Switzerland, the UK, Australia and Scandinavia. PETP IV is planning to make about 25 commitments to about 20 fund managers.
The fund was officially launched in January this year but had an initial, small, closing last December in order to accommodate three existing investors that wanted to commit from their FY2003 budget.