Scottish Equity Partners raises £260m for tech fund

Scottish Equity Partners (SEP), the venture capital firm that backed Edinburgh-based travel search engine Skyscanner, has raised £260 million for a new technology-focused fund.

Scottish Equity Partners managing partner Calum Paterson. Picture: Peter Sandground

The Glasgow-based investor said its SEP V fund, which closed above target after being over-subscribed, will be invested in high-growth technology companies based mainly in the UK and Ireland, although it will consider deals across the rest of Europe.

SEP V is seeking to invest up to £20m in growth-stage firms with “ambitious” management teams, and will aims to play an “active and supportive role” in their development, said SEP managing partner Calum Paterson.

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He added: “This is another great milestone for us and reflects extremely well on the calibre of our team. The new fund gives us a very strong platform to continue to invest in companies with world class potential and we thank all of our investors for their support.”

Investors in previous SEP funds accounted for almost 90 per cent of the cash raised by the new fund, with 40 per cent of the commitments coming from the UK.

Total funds under management by SEP, which also has offices in Edinburgh and London, now exceed £1 billion.