Top Technology Ventures launches £30m vehicle

IP Venture Fund II is launched in partnership with the European Investment Fund (EIF) and is not expected to hold any further closings.

The vehicle's predecessor was launched in 2006 and held a first closing on £15.5m in July 2007. In August that year, the fund held a second and final close on £31m. LPs included Industriens Pensionsforsikring AS, FSP Invest FMBA, afdeling Private Equity, Forsikringsaktieselskabet KaB International and the National Endowment for Science Technology and the Arts.

IP Venture Fund has backed 26 companies with an overall investment of £21m.

Investors
The vehicle received a £20m commitment from EIF and a £10m contribution from IP.

Investments
The vehicle will co-invest alongside IP, which is solely focused on the UK. It will back new spinout companies from IP's university partnerships and other collaborations.

IP will directly invest alongside the vehicle. The overall ratio between IP and EIF's investment will be 4:1.

People
Alan Aubrey is the chief executive of IP. Piyush Unalkat is principal of equity investments at the EIF.

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