Partech Ventures has closed its latest fund on a €400 million hard cap. The firm will use the Paris-based vehicle, called Partech International Ventures VII, to make Series A and Series B investments in early-stage tech companies in both Europe and the US. The new fund was oversubscribed, with participation evenly split between returning LPs and new investors, according to the firm.
While the number of new VC funds raised in Europe is on pace to decline for the fifth straight year, the amount of capital consolidated in those vehicles continues to climb. So far in 2017, investors
have raised more than €4.2 billion for venture vehicles based in Europe, according to the PitchBook Platform, nearly on pace to eclipse 2016 for the highest total of the past six years. So much for the wait-and-see mode under which investors were operating in the aftermath of Brexit and other political and economic uncertainty across the continent.
Here's a closer look at the opposing trends in the number of European VC funds raised compared to the size of those funds:
Rocket Internet wrapped up largest European VC fund of the first half of the year in January, with $1 billion in commitments for its latest vehicle, which will be used to back internet startups from around the world. Other investors to raise significant pools of capital include Atomico, which closed a $765 million fund in February, and SILK Ventures, a firm backed by the Chinese government that collected $500 million for European deals in May.