Pentech closes fund II

Pentech Ventures, a unit of Glascow, Scotland-based private equity firm Pentech Capital Partners, has raised about $79 million for its second fund.

Founding Partner Eddie Anderson said in a statement that the fund closed above its target.

Limited partners include European Investment Fund, Scottish Widows Investment Partnership, F&C Private Equity Trust, Souter Investments, Alliance Trust, Innotech Laminvest and NESTA.

Pentech focuses on early stage U.K.-based software companies.