Quester’s new institutional fund raises E115m

Quester’s latest fund, the Quester Venture Partnership, has raised E115m at first closing.

UK venture capital firm Quester has announced that it’s latest fund IT and life sciences fund, the Quester Venture Partnership, has completed its first closing at E115m.

Quester has secured commitments from institutions from the UK, Continental Europe, North America and Japan. According to Andrew Holmes, managing director at Quester, the fund will aim to invest 80 per cent in information and communication technologies with the remaining 20 per cent designated for healthcare and life sciences, creating a portfolio of about 30 companies.

“We are very pleased with this response to QVP, especially given the recent difficult market conditions for raising funds of this type,” said Holmes.  The final close for QVP will take place by the end of June, by which time Holmes hopes the fund will have raised over E150m. MVision Private Equity Advisers is acting as exclusive placement agent.

The investment team has already completed six investments for QVP totalling E11m of equity. These are ICT investments, Anthropics, Celoxica, On Demand Distribution, Nomad and Interprovider, and Lorantis, a life sciences investment.

Quester was founded in 1984 as an independent venture capital company specialising in unquoted growth companies. The firm has approximately £250m under management. The firm aims to produce diversified portfolios for investors, with teams specialising in two areas– information and communication technologies, and healthcare and life sciences.