AlpInvest backs UK tech fund

UK early-stage technology investor Eden Ventures has held a first close of its debut fund on £32m, having received commitments from AlpInvest and Swiss Re among others.

Bath, England-headquartered Eden Ventures has announced the first close of its maiden private equity fund on £32 million (€46.5 million; $61.5 million).

The vehicle, which has a final target of £60 million, will invest in early-stage technology companies, focusing primarily on telecoms, media and enterprise solution software in the UK and Ireland.

Investors in the fund include AlpInvest, Swiss Re Equity Capital Partners, CapVent, European Investment Fund (EIF) and Invesco.

Commenting on the close, chairman David Embleton said in a statement: “We see excellent growth potential for companies in telecom, media and enterprise solution software, particularly those with capable and entrepreneurial management teams who want to partner with an active, hands-on investor like Eden.”

A spokesperson for the firm confirmed that the fund hoped to hold a final close within 6-12 months and that the firm hoped to announce its first deal within the next two weeks.

The firm has five partners alongside Embleton: Charles Grimsdale, Mark Farmer, Dori Dana-Haeri, David Williams and finance director Mark Caroe.