Zurich-headquartered private equity fund of funds investor Adveq Management has closed its fourth technology fund, PETP IV, on $325 million (€268 million), ahead of its $300 million target.
The fund will invest in venture capital limited partnerships that focus primarily on early stage, start-up technology companies. Around three quarters of the fund will be invested in venture and the remainder in buyout opportunities, primarily in the US.
Commenting on the close, Bruno Raschle, founder and managing director of the Adveq group said in a statement: “The interest to invest was high. It is evident that the investors from Germany, Switzerland, the UK, Australia and Scandinavia have honoured the good performance we have achieved over the years.”
Adveq was founded in 1997 and advises on over 100 fund investments worldwide, with approximately $1.5 billion under management. Ninety percent of Adveq’s investor base is made up of institutions and the company employs a staff of 30.
Unusually, Adveq has a fiduciary rating for business risk from fund manager rating agency RCP & Partners, receiving an AA2 rating for its investment activities in 2001.
The original rating upgrade – the third notch down from the top rating – ranked Adveq as “very good” in terms of meeting the high standards of service, governance, diligence and risk control set by professional investors such as retirement schemes, government funds and private banks.
Adveq has just been awarded a new fiduciary rating from RCP & Partners in June 2004. The rating designates the Adveq Group as being 'very trustworthy' for institutional investors.