Paris-based tech investor Partech has closed its second growth fund on €650 million (about $750 million) as late-stage deals continue to dominate Europe’s VC market.
Late-stage transactions accounted for nearly 73.7% of the €73.7 billion in total venture capital raised in Europe through September, according to PitchBook’s Q3 2021 European Venture Report, as the continent’s VC ecosystem continues to mature.
Europe has also seen a flurry of growth-stage funds this year. London-based PE firm Apax Partners raised $1.75 billion in less than four months for its tech-focused growth equity vehicle. Balderton Capital also launched a $680 million fund following a similar strategy, with a $600 million early-stage pool of capital to complement it. For its growth fund, London’s Lightrock Capital amassed $900 million to back impact startups.
Partech’s new vehicle is over 60% bigger than its €400 million 2015 predecessor, with capital coming from over 85 LPs. Among the investors is UK government-backed British Patient Capital, which committed €30 million. Partech will continue with its sector-agnostic strategy, and seeks to back up to 15 tech startups with individual check sizes of between €20 million and €70 million.
Partech has already invested in five companies via the fund, including online supermarket Rohlik, HR tech startup Skello, clothing brand Rouje, edtech platform StuDocu and Billogram, the provider of a digital invoicing and payment platform.
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