Accel scores fundraising hat trick

The venture capital firm raised has raised a further $500m with the close of Accel London V.

California-based venture capital firm Accel Partners has raised its third vehicle in two months with the final close of Accel London V. The $500 million vehicle drew commitments from 83 limited partners, according to a regulatory filing.

It followed the final close in March of late stage US venture capital investments vehicle Accel XIII on $500 million, and Accel Growth Fund IV on $1.5 billion, which focuses on early stage, as reported by Private Equity International.

Accel London V will seek investments in early and growth stage companies in Europe and Israel in the technology sector, particularly in marketplaces, software-as-a-service and infrastructure, similar to its predecessor Accel London IV, the firm said.

Accel London IV closed in March 2013 on $475 million with commitments from LPs including the University of Michigan, according to PEI Research & Analytics.

The firm, which invests globally from offices in the US, UK, China and India, partnered with KKR in 2000 to form Accel-KKR that targets technology management buyouts. Its latest transaction was a growth equity investment this month into US-based transaction management business, Energy Service Group.

Accel manages $2.5 billion in assets. Companies in Accel’s portfolio include German online comparison services CHECK24, British food delivery company Deliveroo and French long-distance ridesharing service BlaBlaCar.