European Invesco Reaches Fund-of-Target –

After nearly a year and a half of fund raising, Invesco Private Capital has taken its flexible international fund-of-funds programme, Invesco Partnership Fund II to its $500 million target.

Designed to enable participants to specify their weightings across three target investment categories, Invesco Partnership Fund II comprises pools targeting venture funds, US private equity funds and non-US private equity funds, with Western Europe the primary focus for the vehicle’s disbursements outside the U.S.

Invesco Partnership II was the first fund-of-funds launched following Invesco’s acquisition of Chancellor LGT two years ago.

The offering has attracted roughly equal amounts of capital from the U.S. and elsewhere across a broad cross-section of institutional and private sources.

Venture Slice Attracts Attention

Invesco’s European managing director Ray Maxwell said that the venture fund component of the fund-of-funds attracted particular interest from investors, reflecting the increasing buoyancy of the venture capital market on both sides of the Atlantic during the fund-raising exercise.

Invesco Partnership Fund II has held a series of rolling closings since early last year. The managers expect to hold a final close for the vehicle at an unspecified amount over target in the near future. Not that that means Invesco will enjoy much of a respite from marketing: already well over half committed, the new fund is on course to reach full investment later this year and the group is already planning the launch of a successor vehicle.