Adveq closes fourth US technology fund-of-funds on E268m

Zurich-headquartered private equity fund-of-funds investor Adveq Management has closed its fourth technology fund, PETP IV, on E268m, ahead of its $300m target. The fund will invest in venture capital limited partnerships that focus primarily on early-stage and start-up technology companies. Around three quarters of the fund will be invested in venture and the remainder in buyout opportunities, primarily in the US. Adveq was founded in 1997 and advises on over 100 fund investments worldwide, with approximately $1.5bn under management. 90% of Adveq's investor base is made up of institutions and the company employs a staff of 30. Unusually, Adveq has a fiduciary rating for business risk from fund manager rating agency RCP & Partners, receiving an AA2 rating for its investment activities in 2001. The rating upgrade - the third notch down from the top rating - ranked Adveq as ‘very good’ in terms of meeting the high standards of service, governance, diligence and risk control set by professional investors such as retirement schemes, government funds and private banks.

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