Eqvitec Partners raises E132.5m

Finnish-based Eqvitec Partners has raised E132.5m at first closing and hopes to announce a final closing at E170m in June this year.

Finnish-based venture capital firm Eqvitec Partners Oy has raised E132.5m at first closing of its Eqvitec Technology Fund II.

The target for the fund is E170m and it is expected to achieve final closing in June 2000. The fund's initial target of E125m was increased thanks to strong investor interest. A large number of investors in Eqvitec’s first fund have made return investments.

Eqvitec Technology Fund II is an independent venture capital fund which focuses on technology-intensive companies in Finland and Scandinavia. It will look at investments in mobile technology investing between E1m and E15m and taking minority stakes in companies. It will invest in Finland, Scandinavia and the rest of Europe.

The fund is led by senior partners Matti Turunen, Juha Mikkola, Markku Puskala and Jukka Mäkinen out of Eqvitec's Helsinki office. During 2000, Eqvitec made 9 new investments.