Advisers on Private Equity Ltd (Adveq) has announced the first close of its second European fund of funds, Private Equity European Partners II L.P. at euros130 million. The fund is well on its way to reaching its target amount of euros300 million which it is expected to achieve in the coming months. The fund will invest in early stage and SMEs primarily, with a particular focus on high tech investments. Following in the footsteps of PEEUP I, that launched in 1998 with a total capitalisation of €96 million, PEEUP II will consider first time investment teams, although the lion’s share will concentrate on follow-on investments in new funds with teams that Adveq is already familiar with.
It is anticipated that the fund will make around 25 investments ranging from euros5 million to euros20 million. The majority of the fund will be allocated to continental Europe, but will also focus on the increasing number of UK firms that are active in the continental market.Since its inception in 1997, Adveq’s funds have investment relationships with 50 private equity teams in the US, Europe and the Far East. Adveq currently manages four fund of funds with over $400 million of capital under management. The company offers two investments programmes, investing in seed and early stage in the US, and committing to early stage and small company focused funds in Europe.