There are currently 57 expansion/late stage venture capital funds in market seeking capital according to Preqin’s Funds in Market product. Collectively, these vehicles have a combined target of $9.8bn, and so far 28 funds have reached at least one interim close raising a total of $1.6bn in capital commitments.
Just under 40% of the expansion/late stage funds currently seeking capital focus their investments predominantly throughout North America, with 42% of the vehicles being managed by firms headquartered within the region. Asia and Rest of World-focused funds make up 37% of the funds currently in market, with 26% of the fund managers based throughout the region. Europe-based GPs constitute 32% of the fund managers with expansion/late stage vehicles on the road, with 24% of the total number of funds targeting investments primarily across the continent.
The three largest expansion/late stage funds currently on the road are YR Delta Fund I, Celtic Pharma Holdings II and VantagePoint CleanTech Partners III. The former, being raised by China-based YR Delta Investment Management, is targeting CBY5bn and deploys 80% of the fund into late stage opportunities across a variety of sectors within China with the remainder of the capital being invested in earlier stage companies.
Celtic Pharma Holdings II makes expansion investments in pharmaceutical and biotechnology related companies across Europe, North America and other English-speaking countries. The fund is seeking $750mn, and specifically focuses on investments in therapeutic drugs and related products and services for prescription by specialist physicians. VantagePoint CleanTech Partners III is targeting $600mn focuses on companies in the energy innovation and efficiency space that seek capital for scale-up and commercialization.