Preqin data demonstrates that there are currently 458 venture vehicles raising globally targeting an aggregate USD 79.7bn in capital commitments. The largest venture fund currently on the road is Invention Investment Fund II, an early stage (seed) vehicle focused on investments in US based technology companies. The fund is seeking USD 2.5bn in capital commitments. The second largest venture fund currently raising is Oak Investment Partners XIII. The fund has no specific stage focus and is targeting USD 1.5bn. It invests in technology, healthcare, consumer products, communications, media, financial services, IT, Internet and digital media in the US.
In terms of geographic focus, Asia and Rest of World–focused vehicles are the most numerous ones, with 180 funds targeting this region and seeking an aggregate USD 33bn.This numbers are closely matched by funds targeting North America with 173 vehicles seeking USD 33.3bn in capital commitments. Funds targeting Europe are the least numerous. There are 104 Europe-focused funds currently on the road targeting an aggregate USD 13.4bn.
Data from Preqin’s Funds in Market product reveals that so far this year 34 venture funds have reached a final close. They raised an aggregate USD 12.7bn. The largest fund to reach a final close was New Enterprise Associates XIII which closed in January 2010 on USD 2.48bn, just USD 20mn shy of its target. The fund focuses on investments in IT, energy, technology and healthcare in North America. The second largest venture vehicle that closed this year was 3i Growth Fund which garnered EUR 1.2bn in capital commitments. The fund makes minority investments in growing businesses across Europe, Asia and North America. The third largest venture fund to close in 2010 YTD was Gimv-XL Fund which targets medium-sized and large growth companies from various sectors in the Flemish speaking region of Belgium which includes Brussels.
For more information on private equity fundraising, please see Preqin’s Funds in Market