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SEP raises GBP200m for new growth equity and venture fund

Scottish Equity Partners (SEP) has announced the successful close of its new growth equity and venture capital fund, SEP IV, confirming that it had reached its GBP200 million target by the end of 2011.

The fund, which ranks as one of the largest raised in Europe over the last year, attracted very strong support, defying the generally difficult climate for private equity fundraisings. SEP’s existing investors accounted for 80% of the total raised. Approximately half of the fund was accounted for by UK-based investors, with the remaining 50% coming from investors based in Europe and the United States.

Investors in SEP IV include pension funds, which account for almost 60% of the total raised, fund-of-fund investors, family offices and corporates. The fund is 30% bigger than SEP’s previous fund. SEP will use the capital it has raised to provide growth equity and venture funding to high growth UK technology and technology-related companies.

SEP Managing Partner Calum Paterson (pictured) says: "We are grateful for the continued support of our long-standing existing investors and to have secured high quality new limited partners, particularly in the current economic climate. The fundraising reflects well on the hard work and commitment of our team. It is also testament to the collective endeavours and successes of the companies we have backed.

"There is a growing recognition of the positive role that experienced and long term equity investors can play in building successful businesses, especially at a time when for many companies bank funding continues to be conspicuous by its absence. This new fund will allow us to continue to support the growth of innovative and ambitious UK companies. We have already identified a number of interesting investment opportunities for 2012, but we will maintain a disciplined approach and ensure that we continue to select and value our investments carefully."

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