SVIIT second fund of funds exceeds target

Schroders Ventures International Investment Trust has announced a final close of its second fund of funds, raising €285m, exceeding its target of €250m.

Schroder Ventures International Investment Trust plc (SVIIT), the UK-listed private equity investor has held a final close of its second fund of funds, Schroder Private Equity Fund of Funds II (SPEFOFII), on €285 million ($343 million).

SPEFOFII has exceeded its original target of €250 million and also surpassed the amount raised for its original fund of funds, which closed in June 2002 on €242 million and which is now fully invested.

The new vehicle has already invested approximately €95 million of the fund, including commitments to Permira Europe III, Abingworth Bioventures and Charterhouse Capital Partners VII.

Launched in July 2003, SPEFOFII has seen a contribution of more than 50 percent of the total from returning investors, with the remaining commitments coming from a combination of undisclosed institutional and high net worth investors.

In a statement, Lester Gray, chief operations officer of Schroders plc, said that the fund was well placed to capitalise on “attractive investment opportunities in the European and US private equity markets.”

SVIIT is due to change its name in May, subject to shareholder ratification, to SVG Capital.