SEP collects £185m for Fund IV

British venture capital firm Scottish Equity Partners has already raised more than its predecessor fund that collected £160m in 2006.

Scottish Equity Partners, a London- and Glasgow-based venture capital firm, has raised £185 million (€210 million; $290 million) for its fourth fund.

The fund came to market “during the last few months” and will make growth equity and venture capital investments in the IT, energy and healthcare sectors across the UK, according to a statement. Fundraising “has been focused on SEP’s existing institutional investors”, the statement said.

Scottish Equity Partners declined to comment on the fund’s target size or whether the firm has begun deploying capital from Fund IV.

In January, Scottish Equity Partners agreed to sell portfolio company BioVex to a US trade buyer for a price tag of up to $1 billion. The firm said the sale to NASDAQ-listed biotech company Amgen represented one of the “world’s largest ever exits for a venture-backed biotechnology company”.

September has witnessed a number of mid-market firms hold either first or final fund closes.  Earlier this week, The Riverside Company closed its micro-cap fund on $200 million and New York-based Clearwater Capital Partners collected $200 million for its fourth Asia-focused fund. Last week, Snow Phipps Group closed its second fund on $844 million, exceeding its $700 million target.