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AVP announces £128m first close

London-based Advent Venture Partners announces a £128 million first close on its latest fund, which has a final target of £200m.

European venture capital firm Advent Venture Partners has announced the first closing of its fourth fund, Advent Private Equity Fund IV (APEF IV).
 
The new fund has total commitments of £128 million ($250 million, €188 million), of which £110 million has been accepted at this closing. The balance can be accepted when the fund reaches £155 million and will form part of the next close. The fund has a final close target of £200 million.
 
APEF IV will be smaller than Advent's previous fund, the £300 million APEF III. The firm's investor relations partner Jeryl Andrew noted that many venture funds have downsized recently, and said that the new fund 'will allow investments in a portfolio of about 25 investments, which is the right size for us right now.'
 
Advent stated in a press release that the new fund will continue the investment strategy the firm has used since 1990 of investing in information and communications technology and life sciences. The geographical focus will be on UK and Western Europe, and to a lesser extent on US life science companies, and the size of each investment will be between £5 million and £15 million.
 
Three-quarters of the fund commitments came from European and US investors that had invested in Advent's previous funds, such as European fund of funds Access Capital Partners and funds advised by Westport Private Equity. The remaining commitments come from investors new to Advent such as AlpInvest Partners and Swiss Re.
 
Founded in 1981, Advent Venture Partners is a London-based technology venture capital firm which currently manages more than £500 million. APEF III, which closed in February 2001, is now close to being fully committed, with investments in 30 companies.